Scholarly Comments on Academic Economics

Where There Is No Vision, Economists Will Perish

by

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.

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Volume (Issue)
Pages
136-143
Published
JEL classification
A12, A13, L26, Z12, Z13
Keywords
Human nature, neoclassical economic theory, Catholic social thought
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