"Economics thus becomes a convenient
instrument the state uses to manage the economy, rather than a tool the
public turns to for enlightenment about how the economy operates. But
because it is no longer firmly grounded in systematic empirical
investigation of the working of the economy, it is hardly up to the
task. During most of human history, households and tribes largely lived
on their own subsistence economy; their connections to one another and
the outside world were tenuous and intermittent. This changed completely
with the rise of the commercial society. Today, a modern market economy
with its ever-finer division of labor depends on a constantly expanding
network of trade. It requires an intricate web of social institutions
to coordinate the working of markets and firms across various
boundaries. At a time when the modern economy is becoming increasingly
institutions-intensive, the reduction of economics to price theory is
troubling enough. It is suicidal for the field to slide into a hard
science of choice, ignoring the influences of society, history, culture,
and politics on the working of the economy.
It is time to reengage the severely impoverished field of economics with the economy." Mais
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