The Institute Blog

READING ROOM: The Dance of the Meta-Axioms

"Neoclassicism owes its hegemonic position in the social sciences to this most peculiar, axiomatically inbuilt, theoretical failure." So says Yanis Varoufakis, Professor of Economic Theory at the University of Athens, Greece. In this working paper, he defines three meta-axioms that characterize neoclassical economic theory. Confronted with a theoretical challenge, the meta-axioms begin to dance. Quickstep, move, and shuffle -- that is how neoclassicism defends its hegemony, according to Varoufakis.