DeepSummary
In this episode, Will Cheney discusses neoclassical economics and the need for alternative economic theories. He explains how neoclassical economics serves as an ideological justification for capitalism and fails to question its underlying assumptions. Cheney highlights the dominance of neoclassical economics in academia and its use of mathematical techniques to appear objective and scientific.
Cheney introduces the Center for Popular Economics and its efforts to make economics accessible to activists and organizers. He discusses the 'Economics for Emancipation' course, which provides a radical introduction to economics and challenges neoclassical principles. The course covers topics such as capitalism, alternative economic systems, and building a solidarity economy.
Furthermore, Cheney discusses the 'Rethinking Econ 101' course, which aims to introduce heterodox economic theories to college students. The course explores Marxian, Keynesian, feminist, ecological, and decolonial economics, as well as alternatives to capitalism. The goal is to replace standard neoclassical economics courses and promote student organizing for economic education reform.
Key Episodes Takeaways
- Neoclassical economics serves as an ideological justification for capitalism, naturalizing its assumptions and obscuring its contradictions.
- Neoclassical economics presents itself as objective and value-neutral, using mathematical techniques to appear scientific, while promoting inherent moral and ideological implications.
- The dominance of neoclassical economics in academia and its funding by the capitalist system perpetuate its orthodoxy and marginalize alternative economic theories.
- The Center for Popular Economics and related initiatives aim to promote heterodox economic theories, challenge the neoclassical orthodoxy, and make economics accessible to activists and college students.
- Courses like 'Economics for Emancipation' and 'Rethinking Econ 101' introduce radical, Marxian, Keynesian, feminist, ecological, and decolonial perspectives on economics and explore alternatives to capitalism.
- These efforts seek to replace standard neoclassical economics courses and encourage student organizing for economic education reform within universities.
- The critique of neoclassical economics highlights its individualistic explanations, blame-shifting tactics, and failure to address systemic issues like climate change and monopolization.
- Challenging the assumptions and ideological role of neoclassical economics is necessary for promoting economic education and exploring alternatives to the capitalist system.
Top Episodes Quotes
- “So, you know, regular working people, you know, and economics professors and capitalists. But, you know, normal people can make some sense of their economic reality using neoclassical theory, right? So neoclassical economics, you know, says that you're. You know, you're poor, right? You're poor because, you know, you don't have the right resources or you don't. You know, you have too much constraints, you know, or you're making bad choices, right?“ by Will Cheney
- “But the second thing I wanted to say is that whenever I hear an economist say the words value neutral, I reach for my gun, because there is nothing neutral about neoclassical or capitalist economics whatsoever. And they have very value laden outcomes, right? Very moral outcomes, immoral outcomes. And so I think, like to try to try to set aside any sort of value orientation or any sort of bedrock moral value system is very convenient for a system that is amoral at best and often immoral in practice.“ by Will Cheney
- “If we didn't have the government involved with this, then there would be natural, perfect competition. And the monopolies will get, you know, broken up, you know, by that process.“ by Will Cheney
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Episode Information
Revolutionary Left Radio
Revolutionary Left Radio
9/18/23
Check out the Center for Popular Economics: https://www.populareconomics.org