Economic Imperialism

Murray Rothbard (of the Austrian School of economics) reflects:

“In recent years, economists have invaded other intellectual disciplines and, in the dubious name of science, have employed staggeringly oversimplified assumptions in order to make sweeping and provocative conclusions about fields they know little about. This is a modern form of “economic imperialism” in the realm of the intellect. Almost always, the basis of this economic imperialism has been quantitative and implicitly Bethamite [i.e. Utilitarian], in which poetry and pushpin [American children’s game?] are reduced to a single-level, and which amply justifies the gibe of Oscar Wilde about cynics, that they (economists) know the price of everything and the value of nothing. The results of this economic imperialism have been particularly ludicrous in the fields of sex, the family, and education.” (from Gregg, Samuel, Economic Thinking for the Theologically Minded (Lanham, University Press of America, 2001), p33, quoting ‘The Hermeneutical Invasion of Philosophy and Economics’, Review of Austrian Economics 3 (1989), p45.)

Gregg argues that strictly economics is a utilitarian discipline like engineering or dentistry:

“Economists who exceed their mandate do the discipline a great disservice. Responsible economists are those who offer advice, when asked, on how to achieve specific objectives at minimal cost. This ensures maximum material benefit.” (p48)