William Paul Bell Queensland University Researcher

Why is mainstream economics not a social science but ideological mathematics?

Posts Tagged ‘health care reform

EU acknowledges the failure of traditional economics to predict so adopts agent based modelling

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“This long run is a misleading guide to current affairs. In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again.”
— John Maynard Keynes
A Tract on Monetary Reform (1923), 80.

Traditional economics has failed to predict the knock on effects of the financial crisis says the EU. The Eurace project is designed to remedy this failure, which uses an agent based modelling methodology as an alternative to the rational representative agent model that is a cornerstone of neoclassical economics.  The post Progressing from game theory to agent based modelling to simulate social emergence further discusses agent based modelling.   Read the rest of this entry »

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Free market Fundamentalism and the US Health System

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President Obama’s health reforms run against a strong current of free market fundamentalism.  A fundamental belief that the free market always delivers the best results.  My article ‘The G8 protests and the logically inconsistent foundations of neoclassical economics’ discusses how there lacks a theoretical justification for the free market delivering the best results.  The empirical evidence shows that alternative systems of health provision provide better health outcomes for less cost than the US free market approach, see the CIA world factbook on ‘infant mortality rate’ and ‘life expectance at birth’.  These basic health indicators are picked deliberately as they encompass equity and disparities in health care provision.  Noting that the US health system might well provide good health care outcomes to the segments of the population who can manage to stay insured or are rich. Read the rest of this entry »

Comparing the role of government in self-control problems from behavioural and neoclassical economic perspectives

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In my previous post, titled ‘The G8 protests and the logically inconsistent foundations of neoclassical economics’ , I discussed how neoclassical economics is theoretically and philosophical flawed and how it has become entrenched in our political systems via university economics departments indoctrinating undergraduates with the neoclassical ideology. The current article discusses how the indoctrination produces a world view that causes confusion over the role of government and the concept of freedom of choice. Additionally, the current article provides an economic perspective on  ‘Weighing the blame for illness: biology versus personal responsibility‘ by Dena T. Smith. Read the rest of this entry »