dc.contributor.author	Bichler, Shimshon
dc.contributor.author	Nitzan, Jonathan
dc.date.accessioned	2022-10-28T15:48:17Z
dc.date.available	2022-10-28T15:48:17Z
dc.date.issued	2021
dc.description	demand econometrics equilibrium neoclassical economics science supply
dc.description.abstract	We write this essay for both lay readers and scientists, though mainstream economists are welcome to enjoy it too. Our subject is the basic toolbox of mainstream economics. The most important tools in this box are demand, supply and equilibrium. All mainstream economists – as well as many heterodox ones – use these tools, pretty much all the time. They are essential. Without them, the entire discipline collapses. But in our view, these are not scientific tools. Economists manipulate them on paper with impeccable success (at least in their own opinion). But the manipulations are entirely imaginary. Contrary to what economists tell us, demand, supply and equilibrium do not carry over to the actual world: they cannot be empirically identified; they cannot be observed, directly or indirectly; and they certainly cannot be objectively measured. And this is a problem because science without objective empirical tools is hardly science at all.
dc.identifier.citation	The 1-2-3 Toolbox of Mainstream Economics: Promising Everything, Delivering Nothing. Bichler, Shimshon and Nitzan, Jonathan. (2021). Working Papers on Capital as Power. No. 2021/03. March. pp. 1-26. (Article - Working Paper; English).
dc.identifier.uri	http://hdl.handle.net/10315/39800
dc.title	The 1-2-3 Toolbox of Mainstream Economics: Promising Everything, Delivering Nothing
dc.type	Working Paper

The 1-2-3 Toolbox of Mainstream Economics: Promising Everything, Delivering Nothing

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