Mathematization of economics propelled the discipline of political economy to the pedestal of pure science making it a complex discipline. The fact that economic theories can never be proved by scientific experiments is enough to show that it cannot be categorized as a ‘science’ subject. The entry of a large number of mathematicians encroaching upon the domains of economics led to an adage: “bad mathematicians make good economists.” While many of the Classical and Neo-Classical economists had been mathematicians, none of them tried to mathematics economics and only used graphical and geometrical figures to explain things.

It is only after the publication in 1958 of the book, Linear Programming and Economic Analysis authored by Dorfman, Samuelson and Solow (DOSSO) that many mathematical techniques and models developed during the wartime like linear programming, input output analysis, game theories etc. invaded economics in a big way making economics almost a part of mathematical science (mathematics is considered as the “purest” science). Among Indian economists, US-returned scholars like Sukhamoy Chakravarty started teaching DOSSO at Presidency College and later in the Delhi School of Economics but students like me could hardly understand anything except his dancing teaching style.

Advertisement

Today, the world boasts of thousands of good economists all over the world and millions of students study economics in sch – ools, colleges, universities and academic institutions making it the most popular and sought after discipline. More students take economics as the mainstream subject than any other discipline making it one of the most important, if not the most important, subject of study. Greater job opportunities beckon students doing post-graduate and PhD in economics. In many democratic countries like India there are economic advisory councils to the prime ministers and the presidents, economic advisors to the government and an organized economic service in the bureaucracy.

Advertisement

The Central banks, the co – mmercial banks and corporates appoint teams of economists to play the role of advisors. It may sound almost blasphemous to say that economists have, more often than not, done more harm than good to society and the world at large. No doubt economists have made significant contributions in creating awareness about the need to improve material life and showing the possible road maps for human progress, human welfare and economic development of the global community. But history has also been a saga of failed economic experiments. Conflicting economic theories, models and ideological bias have created considerable confusion at the macroeconomic level.

At the microeconomic level too, concepts and theories which are mostly abstract models have had indirect adverse psychological effects on humanity. From the philosophical point of view, concepts like........

© The Statesman