An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
"I believe the failure is more profound than is generally recognized .. and goes back to the foundations of economic theory"
How true!
Most people simply do not know how silly economics is and it is a bit hard to believe for them that standard economics is BS and that even the six blind men were better!
If you tell them "... but doesn't the crisis tell us something is wrong" ... they just shrug ...
"If you tell them "... but doesn't the crisis tell us something is wrong" ... they just shrug ..."
Agree here Ramanan.
Read more about it here:
http://en.wikipedia.org/wiki/Stupidity
Some key excerpts:
'According to the online Merriam-Webster dictionary, the words "stupid" and "stupidity" entered the English language in 1541. Since then, stupidity has taken place along with "fool," "idiot," "dumb," "moron"....
'Stupid people are seen as a group, more powerful by far than major organizations such as the Mafia and the industrial complex, which without regulations, leaders or manifesto nonetheless manages to operate to great effect and with incredible coordination. These are Cipolla's five fundamental laws of stupidity:
1. Always and inevitably each of us underestimates the number of stupid individuals in circulation.
2. The probability that a given person is stupid is independent of any other characteristic possessed by that person.
3. A person is stupid if they cause damage to another person or group of people without experiencing personal gain, or even worse causing damage to themselves in the process.
4. Non-stupid people always underestimate the harmful potential of stupid people; they constantly forget that at any time anywhere, and in any circumstance, dealing with or associating themselves with stupid individuals invariably constitutes a costly error.
5. A stupid person is the most dangerous type of person there is.'
Not much I can disagree with here at Wiki on this....
2 comments:
"I believe the failure is more profound than is generally recognized .. and goes back to the foundations of economic theory"
How true!
Most people simply do not know how silly economics is and it is a bit hard to believe for them that standard economics is BS and that even the six blind men were better!
If you tell them "... but doesn't the crisis tell us something is wrong" ... they just shrug ...
"If you tell them "... but doesn't the crisis tell us something is wrong" ... they just shrug ..."
Agree here Ramanan.
Read more about it here:
http://en.wikipedia.org/wiki/Stupidity
Some key excerpts:
'According to the online Merriam-Webster dictionary, the words "stupid" and "stupidity" entered the English language in 1541. Since then, stupidity has taken place along with "fool," "idiot," "dumb," "moron"....
'Stupid people are seen as a group, more powerful by far than major organizations such as the Mafia and the industrial complex, which without regulations, leaders or manifesto nonetheless manages to operate to great effect and with incredible coordination. These are Cipolla's five fundamental laws of stupidity:
1. Always and inevitably each of us underestimates the number of stupid individuals in circulation.
2. The probability that a given person is stupid is independent of any other characteristic possessed by that person.
3. A person is stupid if they cause damage to another person or group of people without experiencing personal gain, or even worse causing damage to themselves in the process.
4. Non-stupid people always underestimate the harmful potential of stupid people; they constantly forget that at any time anywhere, and in any circumstance, dealing with or associating themselves with stupid individuals invariably constitutes a costly error.
5. A stupid person is the most dangerous type of person there is.'
Not much I can disagree with here at Wiki on this....
Resp.
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