Economics, Dominique reminds us, is a social science, with
prescriptions that are statistical in character but inherently
polemical. In contrast to the laws of the natural sciences,
economic statements, meaningful as well as meaningless, can be
transformed into a vehicle for the promotion of false
consciousness, as when the polemical prescriptions of social
sciences are used to promote unavowed interests. The axiomatization
of economics in the early 1950s, though well-intended, has produced
two negative consequences: the equation of science and mathematical
formalism by some, and a total lack of concern for experimentation
on the part of others. These translate into excessive abstraction,
empirical irrelevance, and a total lack of social purpose.
Dominique argues that excessive abstraction is causing economics
to gradually lose its social usefulness. This state of affairs has,
in turn, led the general public to accept at face value the
prescriptions of an untested orthodoxy, such as unfettered
globalization, as genuinely scientific. In the era of unfettered
globalization, the top 20 percent of the world's income earners
have become richer while the bottom 80 percent have become
impoverished and environmental degradation has gone unabated.
Dominique argues that, according to the scientific theory of
economics, the top quintile must pay the costs and the bottom four
quintiles ought not bear alone the brunt of globalization. To
reverse this outcome, the bottom 80 percent must become pro-active
in economic policy formulation. A challenge to contemporary
development and economic policy that will be of interest to
economists, public policy makers, the international business
community, and social activists.
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