But the result is that economics students come out of exam halls and go off to government departments or the city with exactly the same toolkit that just five years ago produced a massive crash economics ought to be a magpie discipline, taking in philosophy, history and politics.
Mainstream economics has also been defined methodologically as work which mainstream economists are willing to engage, which requires conforming to the mainstream language of mathematical models,  featuring calculus, optimization, and comparative statics. Neoclassical economics is a cult which ignores reality in favor of shared myths economics professor michael hudson writes: [one nobel prize winning economist stated,] “in pointing out the consequences of a set of abstract assumptions, one need not be committed unduly as to the relation between.
Non-heterodox or unorthodox economics originating in the late 1900's using mainstream mathematical models to analyze economic development and an assumption that individuals are rational and that their behavior is governed by a desire for their personal benefit. This, in turn, has diminished the credibility of economics meanwhile, many students have complained to me that the mainstream economics they are taught is divorced from real-world relevance.
Mainstream economics is a term used to describe schools of economic thought considered to be orthodox many of the underlying categories within and concepts central to mainstream economics are readily taught at universities.
Used in mainstream economics ‘thought experimental’ activities, it may of course be very ‘handy’, but totally void of any empirical value utility theory has like so many other economic theories morphed into an empty theory of everything. Mainstream economics heavily criticizes government regulation and intervention, yet “almost no proponent of deregulation argued against the bailouts that saved wall street in the financial crisis” regulation is criticized when it threatens profit opportunities but welcomed in instances where it provides government backed insurance.
This article was adapted from a speech given at the investmentnews “innovation summit” in new york, where the author received an “icons and innovators” award mainstream economics hasn’t. [foreword to mark thornton's new book the skyscraper curse: and how austrian economists predicted every major economic crisis of the last century (auburn, al: mises institute, 2018)] in the wake of the financial crisis of 2008, the economics profession suffered a blow to what reputation it had.