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Where There Is No Vision, Economists Will Perish

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  • Charles M. A. Clark

Abstract

Mainstream economists are currently under fire because they did not foresee the financial meltdown of 2007. This article suggests that many of the shortcomings of neoclassical economics come from its overly narrow understanding of the human person. Economists could turn to the higher discipline of theology, specifically the Catholic social thought tradition, for a richer and more realistic understanding of the nature of the human person. With a more secure foundation, economists will perhaps be able to develop more relevant theories and policies.

Suggested Citation

  • Charles M. A. Clark, 2014. "Where There Is No Vision, Economists Will Perish," Econ Journal Watch, Econ Journal Watch, vol. 11(2), pages 136-143, May.
    • Handle: RePEc:ejw:journl:v:11:y:2014:i:2:p:136-143
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    References listed on IDEAS

    as
    1. Charles M.A. Clark, 1992. "Economic Theory And Natural Philosophy," Books, Edward Elgar Publishing, number 89.
    2. Robert L. Heilbroner, 1979. "Modern Economics As a Chapter in the History of Economic Thought," History of Political Economy, Duke University Press, vol. 11(2), pages 192-198, Summer.
    3. Allais, Maurice, 1997. "An Outline of My Main Contributions to Economic Science," American Economic Review, American Economic Association, vol. 87(6), pages 3-12, December.
    4. Heilbroner,Robert L. & Milberg,William S., 1996. "The Crisis of Vision in Modern Economic Thought," Cambridge Books, Cambridge University Press, number 9780521497145, September.
    5. Heilbroner,Robert L. & Milberg,William S., 1996. "The Crisis of Vision in Modern Economic Thought," Cambridge Books, Cambridge University Press, number 9780521497749, September.
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    More about this item

    Keywords

    Human nature; neoclassical economic theory; Catholic social thought;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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