by Brad DeLong admits neoliberal era has come to an end Should Democrats lean away from market-friendly stances and get comfortable with big government again? Should they embrace an ambitious 2020 candidate like Sanders and policies like the Green New Deal, or stick with incrementalists like former Vice President Joe Biden and more market-oriented ideas like Obamacare? One of the most interesting takes I’ve seen on this debate came from Brad DeLong, an economist at the University of California-Berkeley … one of the market-friendly, “neoliberal” Democrats who have dominated the party for the last 20 years … Yet DeLong believes that the time of people like him running the Democratic Party has passed. “The baton rightly passes to our colleagues on our left,”
Topics:
Lars Pålsson Syll considers the following as important: Economics
This could be interesting, too:
Lars Pålsson Syll writes The total incompetence of people in charge of the US economy
Lars Pålsson Syll writes Ergodicity — a questionable assumption (wonkish)
Lars Pålsson Syll writes Vägval i finanspolitiken
Lars Pålsson Syll writes Economics — a dismal and harmful science
Brad DeLong admits neoliberal era has come to an end
Should Democrats lean away from market-friendly stances and get comfortable with big government again? Should they embrace an ambitious 2020 candidate like Sanders and policies like the Green New Deal, or stick with incrementalists like former Vice President Joe Biden and more market-oriented ideas like Obamacare?
One of the most interesting takes I’ve seen on this debate came from Brad DeLong, an economist at the University of California-Berkeley … one of the market-friendly, “neoliberal” Democrats who have dominated the party for the last 20 years …
Yet DeLong believes that the time of people like him running the Democratic Party has passed. “The baton rightly passes to our colleagues on our left,” DeLong wrote. “We are still here, but it is not our time to lead” …
Economists — in many ways separated from the life of ordinary people — are with their ‘the model is the message’ thinking particularly inclined to confuse the things of logic with the logic of things. But as we all know, neoliberalism is nothing but a self-serving con endorsing pernicious moral cynicism and gobsmacking ideological trash maintaining that unregulated capitalism is a ‘superlatively moral system’:
The rich man may feast on caviar and champagne, while the poor woman starves at his gate. And she may not even take the crumbs from his table, if that would deprive him of his pleasure in feeding them to his birds.
David Gauthier Morals by Agreement
Mainstream economists have a tendency to get enthralled by their theories and models and forget that behind the figures and abstractions there is a real world with real people. Real people that have to pay dearly for fundamentally flawed doctrines and recommendations. From that perspective seen it is, of course, great that Brad has come to understand that neoliberalism is an oversold ideology and not the stuff ordinary people’s dreams are made of.