Is neoclassical economics a Mafia?
Christopher Hayes is to be commended for his careful journalistic attention to contemporary economics; he is improving the standard of debate. But I do not agree with the central claims in his recent article. Modern neoclassical economics, as practiced in U.S. universities, suffers from many flaws. It is overly specialized and it offers too few rewards for the excellent teacher, the practical policy analyst, and the application of real world experience (dare I add the blogger to that list?). But none of these flaws springs from a conspiracy or from a neoclassical Mafia. The simple truth is that modern academia is shaped by the benefits and drawbacks of rigorous peer review. Peer review eliminates many scientific errors and encourages rigor. On the downside, scholars are encouraged to fit into well-established boxes, if only so their work may be evaluated more easily. In the short run, people who stand outside those boxes have a hard time getting a job or a promotion, and yes that inclu
