ABSTRACT
The failure to emphasize real-world economics has immense implications for the body politic and civil society. Hence, the economics profession bears the responsibility that the public, the media, and politicians are ill informed about real-world economics. One of the many limitations of mainstream economists is their reluctance to address the problem of ideology adequately and to acknowledge the need to understand its role in economic policy. Economics should not attempt to be an axiomatic discipline like geometry. Economists who focus on mathematics at the expense of these disciplines tend to neglect those issues that are not easily tractable mathematically and end up with a mechanistic view of the world. Humanistic economics need not be an oxymoron. Humanistic approach to economics highlights that a meaningful life goes well beyond consumption and production. People mistakenly equate economic growth with rising living standards. The failure to emphasize real-world economics has immense implications for the body politic and civil society.
