Despite its claims to scientific objectivity and analytical rigor, mainstream economics—dominated by statist, utilitarian, and positivist models—has become increasingly disconnected from truth, justice, and human dignity. This paper demonstrates that contemporary economic orthodoxy is not a science in the true sense, but a pseudoscientific enterprise that enables coercive, fraudulent, confiscatory, and repressive state control over human life and society. Drawing on Africonomics’ natural-moral law foundation, this paper reveals the philosophical materialism, methodological positivism, and ethical relativism that define mainstream and statist economic models as fundamentally flawed and pseudoscientific. It outlines how these models violate objective moral principles, distort the purpose of economic science, and contribute to widespread injustice, social disintegration, and global instability. In contrast, Africonomics presents a principled alternative that views economics as a moral and civilizational discipline aimed at fostering justice, prosperity, and peaceful human relations. By placing ethics at the core of economic inquiry, Africonomics reveals statist economics as both morally bankrupt and intellectually fraudulent.