The purpose of economic theory

The purpose of economic theory

Last two years, Nobel Prize in Economics goes to guys who are supposed to have found the path of prosperity (2024 prize) and sustainable growth (2025 prize).

For several decades, most industrialized countries have suffered from below replacement fertility. Population is aging. Society is declining. If the purpose of economic research is to find truth, prizes would go to people who have found why the society is declining. Instead, Nobel Prize, and other rewards in economics, go to academics who claim to have found the path to long term prosperity.

The purpose of economic theory is not to find truth. It is to prop up the current stage as long as possible so the powerful can squeeze as much wealth as possible from the mass.