The Role of Economic Science in Global Power Dynamics 📉

• Core Issue: Contemporary mainstream economics struggles to address real-world crises due to excessive mathematisation and unrealistic underlying assumptions (e.g., treating crises as external "stochastic shocks" rather than systemic outcomes). • Key Critiques: Prominent economists argue the discipline has become an abstract mathematical exercise divorced from real economic problems and social realities. • Proposed Solutions: - Anwar Shaikh’s Classical Turn: Re-grounds economics in actual human behavior, real competition ("a war" rather than perfect competition), and systemic dynamics that explain endogenous crises. - Tony Lawson’s Ontological Turn: Applies critical realism to prioritize the actual nature of complex, open social structures over rigid mathematical-deductive models. • National & Global Context: Reconstructing economic theory by integrating these approaches is essential to addressing structural instability, geopolitical shifts, and economic management relevant to developing nations like Sri Lanka.