by Sanjay Perera
We return to the idea of general equilibrium and the transcendent nature of it espoused by economists and the problems ensuing from this. Another normative aspect to this for economists, in terms of what good a state of equilibrium can produce is highlighted by the so-called Pareto criterion. Continue reading A critique of Capital (3): Toward a moral economy

by Sanjay Perera
From the perspective of the Kantian critique the problem with the synthetic idea of general equilibrium is that it fast becomes a transcendent one. Continue reading A critique of Capital (2): The metaphysics of economics

by Sanjay Perera
In the introductory lines of a textbook on economics are these words: “Are Marxists correct in arguing that only vast expenditure on arms saves the capitalist countries from a return of mass unemployment? Or have we now learned…how to avoid forever such devastating situations? Why, then, in the late 1970s, did unemployment in Britain, the United States and several other countries reach the highest levels ever attained since the Great Depression of the 1930s?” Continue reading A critique of Capital (1): The problem with economics