"Greenspan's Laissez Fairy Tale" and "Theoclassical Law and Economics": What is it?

William K. Black (aka Bill Black) has taken to the term "theoclassical" when referring to laissez-faire "economists." He applies it to Alan Greenspan. What does theoclassical mean in Bill Black's context? Does it mean God-classical economics?

Here's what Bill Black wrote, "...theoclassical law and economics never challenges its foundational dogmas." (Source: "William Black: Theoclassical Law and Economics Makes the Law an Ass.") He's talking about Austrian School and Austrian-School leaning "economics" being dogmatic in the way the Roman Catholic Church was dogmatic say on the issue of the geocentric universe or even solar system (that the Earth is the center and the Sun revolves around it rather than the other way around). He is not saying that God's economics is laissez-faire capitalism.

Here's the article mentioned in the post title in which Bill Black rightly takes Alan Greenspan to task for spinning, for that is exactly what Alan Greenspan did and still does: Greenspans Laissez Fairy Tale | Benzinga.

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  • Tom Usher

    About Tom Usher

    Employment: 2008 - present, website developer and writer. 2015 - present, insurance broker. Education: Arizona State University, Bachelor of Science in Political Science. City University of Seattle, graduate studies in Public Administration. Volunteerism: 2007 - present, president of the Real Liberal Christian Church and Christian Commons Project.
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