Question

• Genius can have strange indirect effects… But successors connot continue on the level of the genius. One aspect of the great man, probably that which suits later conditions, is chosen, much of the rest probably rejected.’ Use this quotation to briefly criticize orthodox economics?

Answer 1

The failure of orthodox economics is because they cannot model mathematically. Some of the theories were rejected because of the orthodoxy nature of the market. Most of the economic classes were related to mathematical, only some of the teachers give preference to philosophy. The theories formulated using mathematical formula did not give preference to the political philosophy and theoretical paradigm. Most of the theories formulated in this perspective not giving importance to the behaviour of the people. Orthodox economics do not support the theoretical paradigm. Economics emerged as a science subject. Most of the micro economic theories focused on mathematical explanation.
So several theories formed by rejecting the philosophical background. This reduce the social constraint occurred in the formation period. This can be avoiding using the elimination of the philosophical fact. This will help to get more factual results and can be applied in reality. The elimination of these things will have positive effect and negative effect. The negative effects can be the avoidance of the social and philosophical aspect of the theories.