3. The Limiting Principle: A Short History of Ideology in Twentieth-Century Economics

In this chapter, the author explores how ideology is disseminated and defended in economics. Economists who defend the ideological components of economics typically resort to rhetorical tactics that are disguised as methodological arguments to ensure that the ideology is not questioned. The key turning point in the twentieth century is attributed to the economist Paul Samuelson who imposed restrictive methodological demands upon the profession that he used to back up a form of economics that he preferred because it was in line with the political preferences that he had formed in the 1930s. Some attempted to launch a less ideological type of economics, but they were subjected to vicious political attacks and accused of holding subversive political opinions.