Economics expelled rational-expectations dissenters unlike physics, which tolerates internal inconsistency
Evidence
I do not wish to suggest one should never, ever simultaneously entertain A and Not-A. There is a grain of truth to this: quantum mechanics has been deemed inconsistent with classical mechanics and macro-scale theories such as relativity at various points in its history; it is possible for a science like physics to operate for a while with conceptual schizophrenia. Indeed, sometimes it may be a necessary prerequisite to come to understand the full nature and character of the submerged contradiction. However, the historical divergence comes with neoclassical economics in that most other sciences do not then banish their members who point out the inconsistencies and worry over their meaning. Nor do they simply expel the proponents of one side of the theory in order to maintain doctrinal purity, as happened with the rational-expectations movement and its epigones. — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 62
Categorization
- XREF: Feeds the ‘thought collective’ theme — Mirowski frames the rational-expectations purge as proof economics polices orthodoxy rather than debating it. — connects to: Mainstream economics dismissed dissenting figures for lacking mathematical rhetoric — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin: The Making…, 1772; Economics functions as conflict over belief rather than objective science — Yanis Varoufakis, Technofeudalism: What Killed Capitalism, 779; Rational expectations theory was formulated as a direct rebuttal to Simon’s bounded-rationality critique — Donald MacKenzie, An Engine, Not a Camera: How Financial…, 170
- QUESTION: Worth chasing: was the rational-expectations ‘expulsion’ really the mechanism, or does Mirowski oversimplify here?
- corroborated: 3 independent passages support this claim — Philip Mirowski, Never Let a Serious Crisis Go to Waste, 62
Broader Connections
- Mainstream economics dismissed dissenting figures for lacking mathematical rhetoric
#corroborates(0.85) — Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, 1772 - Economics functions as conflict over belief rather than objective science
#exemplifies(0.80) — Yanis Varoufakis, Technofeudalism, 779 - Rational expectations theory was formulated as a direct rebuttal to Simon’s bounded-rationality critique
#responds-to(0.72) — Donald MacKenzie, An Engine, Not a Camera, 170