Economics As Religion: From Samuelson to Chicago and Beyond (Hardcover)

by Robert H. Nelson (Author), Max Stackhouse (Foreword) "The maintenance of a market economy involves a basic paradox..." (more)
Key Phrases: progressive gospel, progressive value system, current economists, United States, Adam Smith, Roman Catholic Church (more...)

Editorial Reviews

Review
"Nelson does not regard 'theology' as a cuss word, and so his detailed study of the theology underlying Samuelsonian and Chicagoan economics is not a putdown. It's a way of seeing the rhetoric of fundamental belief - what has been called vision, Nelson...speaks with authority from within the field.... His grasp of modern economics is broad and firm. And so in theology, too. It's an important, even an amazing book: Luther meets Smith." - Deirdre McCloskey, University of Illinois at Chicago "In economic research, as with all systematic thought, there is no such thing as unguided observation. Economists interpret events and make predictions through the distortive lenses of paradigms. In this book, which draws fascinating parallels between economic paradigms and religious dogma, Robert Nelson offers a critical survey of modern economic thought that is as informative as it is provocative. Economics as Religion will be of interest not only to economists but also to anyone eager to know more about how scientific disciplines operate." - Timur Kuran, University of Southern California"

Product Description
An insightful exploration of the powerful role that economic belief plays in our modern society as a secular religion that serves many of the same functions as early Christian and other religions did in their time.

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Product Details

• Hardcover: 378 pages
• Publisher: Pennsylvania State University Press (June 2001)
• Language: English
• ISBN-10: 0271020954
• ISBN-13: 978-0271020952
• Product Dimensions: 9.5 x 6.3 x 1.2 inches
• Shipping Weight: 1.6 pounds
• Average Customer Review: 4.5 out of 5 stars See all reviews (6 customer reviews)
• Amazon.com Sales Rank: #1,982,226 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

39 of 40 people found the following review helpful:

5.0 out of 5 stars Is Economics a Religion?, March 8, 2003

By	Jennifer Morse "jennyromo" (Vista, CA United States) - See all my reviews (REAL NAME)

Prof. Robert Nelson argues that economics has become the modern religion, complete with a priesthood (economists), a sacred text (Samuelson's "Economics") and a plan of salvation, (material progress will solve the problem of mankind, including the problem of sin.) Over the top, you say? He makes a great case. Read this book and find out for yourself.
I am a professional economist myself. Nelson's arguments ring true in my experience in the profession. He argues that many of the controversies over economic policy are really controversies over views of the world. These world views are so fundamental, and deeply held, that they are unlikely to be dislodged by technique and data, no matter how rigorous. Nelson thinks we would have more fruitful policy discussions if we would quit pretending to be scientists, and face up to these fundamental questions. I have to agree with him.
I wish he had pointed out that economics is not doing a very good job being a religion. Material progress can not solve all the problems of the human race. We would all be better off, if we would admit that.

42 of 45 people found the following review helpful:

4.0 out of 5 stars Understanding Economics, November 15, 2001

By	"pgeddes" (Bozeman, MT USA) - See all my reviews

Ever wonder how the field of economics could produce such disparate voices, from interventionists such as John Maynard Keynes to the classical liberalism of Milton Friedman? Those looking for insights will do well to read Economics as Religion: From Samuelson to Chicago and Beyond by Robert H. Nelson, an economist at the University of Maryland.

As the book's subtitle suggests, Nelson takes the reader on tour of modern economic thought. Here he's done commendable job, providing a highly readable account of the major personalities. This book will appeal to historians as well as the informed non-specialist. Nelson ranges far and wide in his effort to explore the often unstated philosophical assumptions behind supposedly objective economic analysis. Of particular interest is Nelson's treatment of the rift between economists and environmentalists. He places the debate squarely (and rightly in my opinion) in religious terms. While this is not particularly original, he does a service by reinforcing the deep religious roots of modern American environmentalism.

Finally, in an increasingly small world, Nelson again hammers home a vital point regarding economic opportunity provided by free markets: Economic progress requires the creation of a "civil society" and the rule of law. Social and human capital must be both nurtured and sustained. Laws must reflect these norms and governments must enforce them fairly. Without these, human rights and the environment suffer.

In environments of rampant corruption and political instability, value creating institutions aren't sustained. Success comes when people are rewarded for creating value, not for transferring wealth via force or fraud. Political plunderers, not the market process, keeps countries poor.

This is a desperately important message at a time when many equivocate and ring their hands about the spread of Western democracy as, "a hegemonic discourse of Western cultural imperialism".

Pete Geddes is Program Director of the Foundation for Research on Economics and the Environment (FREE) and Gallatin Writers. Both are based in Bozeman, Montana.

22 of 23 people found the following review helpful:

5.0 out of 5 stars A Midwestern Progressive's view from Japan, November 1, 2003

By	Stephen H. Elliott "stephenhelliott" (Weston CT) - See all my reviews (REAL NAME)

This review is from: Economics As Religion: From Samuelson to Chicago and Beyond (Paperback)

This is a brilliant intellectual history of late 20th century American economics which puts it in both American and European historic context. It is both erudite and immensely practical in helping one to see the limitations in recommendations of economists more clearly.
As a former international banker (and a mathematician by training) who has lived both in Europe and the Far East, the practical limits and occasional parochialism of American mainstream economics have long been clear, but except for George Stiglitz' "Globalization and Its Discontents", I can't think of any book that does a better job of explaining just what is wrong and why. Read them together and be prepared to think hard about the difference beween what we really "know" about (international) economic behavior and what we merely believe.