Why does market fundamentalism have so much clout in economics?

Akir
2023-07-15T17:12:31Z

There's a couple of other words that describe what I'm talking about - neoliberalism, lassez-faire capitalism, and in a more general sense, the Chicago school of economics - but I chose market fundamentalism because it seemed to best describe precisely what I'm talking about. I mean the belief that the market is capable of self-regulation and that governmental intervention will cause damage to the economy.

I'm asking this because there's still a lot about economics that I don't know about and so I was hoping someone with a background in the subject who would be able to better answer the question. But I realize it's probably also a political question. I wonder if it's more of an issue of our politicians pressing these views than economists and academics.

Personally, with my life's experience, it seems almost obviously wrong. I've lived through several market downturns and even a crash, and looking through history it seems like every market crash can be attributed to the market failing to correct itself.

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