High Priests and Lowly Philosophers : The Battle for the Soul of Economics

We contend that the transformation of economics from a discipline that studies the economy to one that is entrusted with its control has threatened the very soul of economics. The false pretense of scientific management led economists to promise to accomplish tasks that they cannot legitimately achieve. We provide three cases where the scientistic pretensions of economists got the better of them in the 20th century: Keynesian demand management, the practice of cost/benefit analysis by regulators and lawyers, and the debate over market socialism. If our argument is right, the role of the economist should move from high priest back to lowly philosopher