More on economics' delusion

It should be becoming clearer that this science of economics is a bit difficult to pin down. A lot of what happens in the world and what happens to all of us depends on what economics says should be. It would be worthwhile then, in parallel to Sheldrake, to identify those precepts of economics that are driving policy and law makers these days. Here is my suggested list ... those things that "economics" asserts to be true:

1. Individuals act solely in their own self-interest.
2. This self-interest is "enlightened".
3. Markets should be free.
4. Deregulation is desirable.
5. Allowing private interests to dominate over government interests leads to more efficiency in the market.
6. Social spending is wasteful.
7. Trade liberalization benefits all.
8. When the owners of capital benefit, everyone benefits.
9. Those who capitalize more, deserve more.
10. Property rights take precedence over all other rights.

If in fact economics (and granted, this is the currently dominant, neoliberal version of the subject that we are considering) is a science, even only a descriptive one, then we should be able to find evidence in our experienced reality that bears out these principles. So the question is: can we? I think even a cursory review of the list reveals they're not even close.

What I've described in those 10 points above is more or less the position that Milton Friedman advances in his seminal text, Capitalism and Freedom, the "Bible" of Neoliberal Economic Theory. This is the text that drives most of what has been happening from the policy side since the early 1970s. There should be a good body of evidence in support of these principles. Is there?

Unfortunately, the answer is a resounding "no". Not a shred.

But wait, you say, where and when has any of this been "tested", in any sense of the word? And to that I can only respond: in too many places and in too many ways, but that's a subject for next time.

References
Friedman, Milton (2002/1962) Capitalism and Freedom, 40th anniversary edition, with the assitance of Rose Friedman, The University of Chicago Press, Chicago & London.