chapter  21
8 Pages

Economics: Science or legend?

The enduring powers of conventional economic theory are legendary. Guy Routh, in his study of the durable nature of conventional economic theory, noted that substantial criticism originated almost simultaneously with the rise of the conventional doctrine. As Routh put it:

Heresy accumulated, but the heretics did not succeed in bringing about the changes that they sought. They did, nonetheless, establish an impressive critical literature. Indeed, if one were to assemble the writings of the heretics and add those of the faithful during their lapses into heresy, a body of doctrine would emerge as impressive, in its way, as the orthodoxy itself.1