In Commonweal, Vol. 93 (Dec. 18, 1970) pp. 296-98 It is bad enough that the field of psychology has for so long been a non-social science, viewing the motive forces of personality as deriving from internal psychic experiences rather than from man's interaction with his social setting. Similarly in the field of economics: since its “utilitarian” revolution about a century ago, this discipline has also abandoned its analysis of the objective world and its political, economic productive relations in favor of more introverted, utilitarian and welfare-oriented norms. Moral speculations concerning mathematical psychics have come to displace the once-social science of political economy. To a large extent the discipline’s revolt against British classical political economy was a reaction against Marxism, which represented the logical culmination of clas¬sical Ricardian economics and its paramount emphasis ...
Michael Hudson
On finance, real estate and the powers of neoliberalism