Dave5

Richard Murphy provides a fine takedown of the pernicious role neoclassical economists have played by overstating the risk of inflation and using it as a pretext to cruch wages. However, Murphy, no doubt due to space constraints, understates the scope and nature of damage done by neoclassical economics, which has become the foundation of mainstream thinking, Neoclassical economics tells a huge lie, that economies have a natural propensity to arrive at stability and full employment.