by Summary:
Yves here. This post and its companion piece on neoliberal ideology illustrate the hold that economic belief systems have on policy. One big one that does not get enough mention is that neoliberal theories posit that economies have a native propensity towards equilibrium….oh, and at full employment! This charming story serves to justify capitalist systems as virtuous and self regulating. The reason this clearly false view has been successfully and aggressively promoted is not just that it suits corporate interests. It also has long served US opposition to Communism by depicting what was once called the free enterprise system as producing better outcomes than public ownership of assets. Of course, the reality that the US and even more social democratic economies are mixed systems, but the
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Yves here. This post and its companion piece on neoliberal ideology illustrate the hold that economic belief systems have on policy. One big one that does not get enough mention is that neoliberal theories posit that economies have a native propensity towards equilibrium….oh, and at full employment! This charming story serves to justify capitalist systems as virtuous and self regulating. The reason this clearly false view has been successfully and aggressively promoted is not just that it suits corporate interests. It also has long served US opposition to Communism by depicting what was once called the free enterprise system as producing better outcomes than public ownership of assets. Of course, the reality that the US and even more social democratic economies are mixed systems, but the
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Robert Vienneau writes Austrian Capital Theory And Triple-Switching In The Corn-Tractor Model
Mike Norman writes The Accursed Tariffs — NeilW
Mike Norman writes IRS has agreed to share migrants’ tax information with ICE
Mike Norman writes Trump’s “Liberation Day”: Another PR Gag, or Global Reorientation Turning Point? — Simplicius
Yves here. This post and its companion piece on neoliberal ideology illustrate the hold that economic belief systems have on policy. One big one that does not get enough mention is that neoliberal theories posit that economies have a native propensity towards equilibrium….oh, and at full employment! This charming story serves to justify capitalist systems as virtuous and self regulating. The reason this clearly false view has been successfully and aggressively promoted is not just that it suits corporate interests. It also has long served US opposition to Communism by depicting what was once called the free enterprise system as producing better outcomes than public ownership of assets. Of course, the reality that the US and even more social democratic economies are mixed systems, but the propagandists like to obscure pesky details like that.Naked Capitalism
Theories of Economic Crises
Alessandro Roncaglia, Emeritus Professor of Economics at La Sapienza University in Rome, a member of the Accademia Nazionale dei Lincei in Rome