- Discusses neoclassical economics from the point of the modern physicist
- Analyzes the impacts of the economic crisis and neoclassical theory on the scientific enterprise
- Examines how science can help us to understand the economic crisis and provide original solutions
This book not only explores the ways in which the economic crisis and associated austerity policies have impacted adversely on the physical and human infrastructure and the conduct of scientific research but also considers how science can help us to understand the crisis and provide original solutions. Starting from a detailed but accessible analysis of the scientific method and the nature of scientific prediction, the author proceeds to address the failure to forecast the economic crisis and the origins of the continuing inertia in economic policy and theory. Attention is drawn particularly to the shortcomings of neoclassical economics in terms of its description of the economic system as mechanical in nature and characterized by equilibrium. This perspective mirrors the limitations and outdated ideas of nineteenth century physics, and the author contrasts it with the insights offered by modern physics. The impact of neoliberal ideology on scientific research is also discussed in detail, highlighting its stifling effect on innovation and diversification. The need for state intervention to guide and support scientific research as the core engine of economic development that will deliver a sustainable future is emphasized.