Chris Dillow: Ideology in economics

Chris Dillow writes about Ideology in economics.

Now, you might find this surprising. We Marxists are supposed to be spittle-flecked ideologues, and yet here I am demanding facts and utility.

But of course, there’s no paradox at all. As a Marxist, I have no skin in the game of whether the CAPM or efficient theory is right or not: such matters are orthogonal to my concerns qua Marxist. And in fact even if Robert Lucas’s main points were right — that business cycles are an optimum response to technology shocks with little welfare cost — a lot of Marxism would survive. Such claims are consistent with the notion that capitalism is exploitative and alienating and leads to unacceptable inequalities of wealth and power.

It’s sometimes said that Marxism brings ideology into economics. For me, though, it takes it out.

Emphasis Mine

Dillow is correct to insist that theory fit the facts.