Pavlina Tcherneva’s NEP post and the power of ideology

Pavlina Tcherneva’s recent posting “Economists for Romney: a closer look | | New Economic Perspectives” does a very nice job of listing some of the right-wing heavy hitters that are providing “scientific” credibility to the Romney campaign.  For each of these luminaries (Lucas, Prescott, Mundell, Scholes, and Becker thrown in for good measure) she provides a brief paragraph outlining their major “contribution” to the faith.  These are the freshwater types I referred to in a previous post, who are showered with honors and adulation for developing models that have little to no relationship to the real world of capitalism but capture, though in a highly abstract form, the core ideological principles of bourgeois society: individuals are perfectly rational, markets always clear, unemployment is a voluntary substitution of leisure for work, etc.

About Mayo Toruño

Professor of Economics, Emeritus California State University San Bernardino
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