You take me too seriously sometimes, and I must confess I sometimes can't resist goofing on you. Please forgive me, it is part of my pedagogical method.

No, I don't think Economics is a Capitalist fraud, and you might be surprised I fully realize its study is useful. But at the same time, I understand that there is a certain element of wishful thinking in Economics, mostly related to the economic activity and philosophy that is being proposed, defended, or justified.

If you read Marx, there is much of value that can be learned from his view of how politics, history and human productive activity interact. But if you think of Marxism as a "science", you quickly get into trouble when you blindly apply its principles. That's why Marxist governments tend to wreck economies.

The same goes for blind adherence to "free market" ideas. Its no surprise capitalist economies usually wind up with with a boom/bust cycle, wealth inequality, worker exploitation, war, imperialism and a host of other problems. And of course, both Marxist and Capitalist economists can rarely even agree on an economic policy based solely on their own philosophies. That's how we get aberrations like "supply-side" economics, rising tides floating all boats and "trickle-down" fantasies, and how the capitalist must often abandon his most cherished "Laws" when they threaten...his profits. Read up on how JP Morgan "rationalized" the railroad industry by eliminating "destructive competition".

This is why I believe the most fair and effective economic system is one which combines both Marxist and Capitalist ideas under democratic political control. How the two are mixed doesn't always work, and sometimes the two together don't react effectively to changing economic conditions. Still, relying on one system or the other exclusively usually leads to hard times down the line, and even the synthesis of the two often doesn't work consistently.

Capitalism provides the regulatory benefit of competition, it forces efficiency, and it can work very fast. Most important of all, it allows every citizen the opportunity to participate directly in economic life without having to rely on a stumbling and clueless government agency or a predatory boss to make economic decisions for him. It also harnesses the ability of the Capitalist to take chances, enormous risks, to innovate and experiment. Like Darwinism, it can be wasteful and cruel, but it can also create fantastic wealth and productivity.

OTOH, Capitalism is based on economic power and capitalists tend to accumulate it and use it to protect themselves from the very corrective mechanisms that are the major benefit of a free market. They also have an annoying tendency to destroy other capitalists with good ideas that threaten them with fair competition. In other words, when you've got a lot of money, you have the ability to MAKE THINGS HAPPEN, you will often resist the occasional hard decisions needed to make meaningful adjustments, and you will use that power to destroy your competition even if he has a better product at a cheaper price. Yeah, maybe in the long run things will eventually favor the better solution, but that may not do you or your society much good in the short run.

Here is where I notice that both the proponents of Marxist and Capitalist economics tend to suffer from just a bit of cognitive dissonance and confirmation bias when gathering data, implementing policies and teaching their students. Neither like admitting it when their economic decisions fail, or lead to grotesque injustices. They're doing all right, they have little incentive to make hard choices that might cost them money. And they have enough financial power to force the government to support their ideas through political manipulation. That's what is happening to America right now.

And their students...well, many of them feel more comfortable when the failures of their economic decisions can be blamed on "Capitalist Reactionaries" or "Socialist" dogma. No one wants to admit their beloved philosophy is causing serious problems, its always easier to blame it all on the evil schemes of the other guy.

Study economics. Learn the rules. But do so critically, and gather what is of value from other philosophies. That is the dialectic that Marx was always talking about, it is the synthesis of opposing ideas leading to unexpected, but real, progress. But never forget that the "Laws of Economics" are human constructs, not physical or chemical law. Its more like biology, or psychology.

And when someone tries to justify what he needs to do to protect his livelihood (by destroying yours!) don't just blindly accept his excuses. And don't make excuses for him.
Remember, he doesn't give a shit about you.

There is one thing both Communists and Capitalists despise equally: unions.
Always make sure you know where your wallet is.