Meaning: The quote by David Korten, an American author, former professor of the Harvard Business School, and prominent activist, reflects a critical perspective on the professional study of economics. Korten suggests that the field of economics has become a mechanism for ideological brainwashing, serving as a defense of the excesses of the capitalist system.

Korten's assertion points to a broader debate within the field of economics regarding its role in society. Economics, as a discipline, is concerned with the production, distribution, and consumption of goods and services. It seeks to understand and explain the mechanisms that drive economic systems and the behaviors of individuals and organizations within those systems. However, Korten's critique suggests that the professional study of economics has deviated from its objective, scientific analysis of economic phenomena and instead serves as a tool for promoting and justifying the status quo of the capitalist system.

One interpretation of Korten's statement is that the teaching and practice of economics have become heavily influenced by ideological biases that favor and perpetuate the interests of the capitalist system. This bias may manifest in several ways, such as the promotion of free-market principles, deregulation, and the prioritization of economic growth over social and environmental concerns. Critics argue that this ideological framing of economics serves to uphold and legitimize the inequalities and injustices inherent in the capitalist system, thereby perpetuating the status quo rather than critically examining and addressing its shortcomings.

Korten's perspective can be contextualized within the broader history of economic thought and the evolution of the discipline. Throughout its history, economics has been shaped by various schools of thought, each offering distinct theoretical frameworks and policy prescriptions. The dominance of neoclassical economics, which emphasizes market efficiency, rational decision-making, and the virtues of competition, has been particularly influential in shaping mainstream economic discourse. Critics argue that this dominance has led to the marginalization of alternative perspectives, such as heterodox economics, which offers critical analyses of the social and environmental impacts of economic systems.

Moreover, Korten's critique raises questions about the role of economists and economic institutions in shaping public policy and public discourse. Economists often serve as advisors to governments, international organizations, and private sector entities, influencing decisions that have far-reaching implications for society. Korten's assertion suggests that the ideological biases within the discipline may influence the policy recommendations put forth by economists, potentially leading to policies that prioritize corporate interests and economic growth at the expense of social welfare and environmental sustainability.

In response to Korten's critique, some economists and scholars have called for a reexamination of the values and assumptions that underpin economic theory and practice. They argue that economics should be more pluralistic, incorporating diverse perspectives and considering the social and environmental impacts of economic policies. This includes a reevaluation of the metrics used to assess economic performance, such as gross domestic product (GDP), in favor of indicators that account for social well-being and environmental sustainability.

In conclusion, David Korten's quote captures a critical perspective on the professional study of economics, highlighting concerns about ideological biases and the defense of capitalist excesses within the discipline. The quote invites reflection on the role of economics in shaping societal values and priorities, as well as the need for a more inclusive and critical approach to economic analysis and policy-making. As the debate about the role of economics in society continues, Korten's critique serves as a call to action for economists and scholars to engage in a more rigorous and balanced examination of economic systems and their impacts on society and the environment.