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Theoretical and Applied Economics
No. 2 / 2009 (531)

The crisis of economics

„Fundamental research happens
when I do something I don’t know how to do.”
Werner von Braun

    What could be fatal to Economics is the resilience of its basic principles in moments of crisis. The key to this fatalism lies in the expectance - instituted by classical Economics - that the "invisible hand" will have a harmonizing effect on individual interests. In other words - uttered by some theoreticians such as Myrdal - economics is built on the assumption of the unique interest which would regularize fluctuations in a natural man¬ner. Simply put, the individual behaviors led by the desire for apropriation are being forced to have a sense which legiti¬mizes the common interest. Having tailored the universe of Economics in this way, Adam Smith has forced the individuality of interests to subordinate itself to the scientific fiction of the unique interest, as observed by Arendt for instance.

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The crisis of economics
Marin Dinu

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016

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