by Summary:
If mainstream economists had thought and behaved differently after 1980, then arguably the world would not be in its current state of disarray, and much of the social and environmental dislocation that we have witnessed over that time-span would not have occurred. In a nutshell, these economists uncritically accepted as true the false analyses, promises and prescriptions of neoliberal ideology. The destructive outcomes of their attempts to implement those prescriptions were greatly enhanced by their profound ignorance of the operational dynamics of finance, banking and credit money creation. To this day they continue to hold to barter-based models of economic activity, to the extent that money, credit and banking are missing from their considerations. Mainstreamers possess several
Topics:
Mike Norman considers the following as important: conventional economics, economic profession, neoclassical economic
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If mainstream economists had thought and behaved differently after 1980, then arguably the world would not be in its current state of disarray, and much of the social and environmental dislocation that we have witnessed over that time-span would not have occurred. In a nutshell, these economists uncritically accepted as true the false analyses, promises and prescriptions of neoliberal ideology. The destructive outcomes of their attempts to implement those prescriptions were greatly enhanced by their profound ignorance of the operational dynamics of finance, banking and credit money creation. To this day they continue to hold to barter-based models of economic activity, to the extent that money, credit and banking are missing from their considerations. Mainstreamers possess several
Topics:
Mike Norman considers the following as important: conventional economics, economic profession, neoclassical economic
This could be interesting, too:
Mike Norman writes David Ricardo’s explanation of the case for free trade rests on some basic economic principles, but also has a big public policy blind spot — Miles Corak
Mike Norman writes The old guard trying to stay relevant and failing — Bill Mitchell
Mike Norman writes Lars P. Syll — Does it–really–take a model to beat a model?
Mike Norman writes Banks And Money (Sigh) — Brian Romanchuk
If mainstream economists had thought and behaved differently after 1980, then arguably the world would not be in its current state of disarray, and much of the social and environmental dislocation that we have witnessed over that time-span would not have occurred. In a nutshell, these economists uncritically accepted as true the false analyses, promises and prescriptions of neoliberal ideology. The destructive outcomes of their attempts to implement those prescriptions were greatly enhanced by their profound ignorance of the operational dynamics of finance, banking and credit money creation. To this day they continue to hold to barter-based models of economic activity, to the extent that money, credit and banking are missing from their considerations.
Mainstreamers possess several major blind spots....I would not call them "blind spots," but rather incorrect assumptions and false operational understandings that vitiate their work and make their policy recommendations not merely wrong-headed but actually dangerous.
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The biggest intellectual scandal of our time
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