Classical theory of Democracy and its fatal consequences
"unscientific application of social sciences can be fatal to a society" This is continuation of my analysis on Democracy ( 1 , 2 ). At this point, i strongly advice you to read Schumpeter's book - 'Capitalism, Socialism and Democracy' - to understand the material of my analysis. The early section of Schumpeter's book is advanced philosophy on political economy. Reader may skip it and read the standalone section on Democracy although it's recommended to read the book in its entirety to understand the full concept of Democracy. In last few years, intellectual curiosity drove me to research on economics and political economy. I discovered that neoclassical economic theory and Neoliberalism is a destructive doctrine. The tenets of neoclassical theory - Unfettered markets & laissez faire, arbitrariness & instrumentalism (like arbitrary debt & deficit limits), rational choice theory & rational expectations, confidence fairy, crowding out theory...
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