New Delhi, Oct. 19 -- These are harrowing times. Amid soaring inequality, political leaders in many countries are cutting programmes and services that benefit the poor, while stoking fear and anger against migrants and refugees. Their noble-sounding intentions-safeguarding individual freedom, promoting prosperity and protecting citizens-are often a fig leaf for a policy agenda designed to enrich themselves and their wealthy cronies.

This deterioration in the practice of politics can be attributed to many causes. One of the most important may be found in the deterioration in how economics is practised.

Economics is often described as a scientific discipline, which studies 'if-then' propositions without reference to morals and values. But...