Editorial Note, Sep-Oct, 2017

The lead article by Amiya Kumar Bagchi in the current number of Social Scientist critiques some of the basic building blocks of neo-classical economics, such as the assumption of a hedonistic individual consumer making choices in splendid isolation that lead to a downward-sloping demand curve with respect to price; the formalisation of macroeconomics on the basis of assuming ‘rational expectations’ (which amounts more or less to assuming perfect foresight); and the concept of a Walrasian equilibrium where there are perfect markets for future commodities. He also critiques in the process the use of mathematics in economics,which in most instances serves little purpose other than to show the concerned authors’ command over mathematical techniques to their peers with the aim of gaining some respectability for their arguments.