A new Occasional Paper on the Business Roundtable website should be a useful resource for teachers of economics and participants in economic policy debates.
Written by Wolfgang Kasper, emeritus professor of economics at the University of New South Wales, Australia, an earlier version was delivered to the joint conference of the New Zealand Association of Economists and the Law and Economics Association of New Zealand in June this year.
For years I had urged Wolfgang to write a paper spelling out the limitations of neoclassical economics in understanding how the world works.
He resisted the idea (“nobody believes in neoclassical ideas any more”). I told him he was wrong: various economics educators in New Zealand continue to teach on the basis of defunct human capital, and politicians attack free-market policies on the false assumption that they are grounded in neoclassical economics.
Finally Wolfgang relented and wrote the paper.
Neoclassical economics…
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Utopia, you are standing in it! 
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