Wednesday, January 9, 2013

Garth Brazelton — Average Joe Doesn't Understand Economics

The real culprits....
...are the mainstream economists who continue to tell outdated or just flatly wrong tales about how our economy actually functions. In the sense that many politicians take their cue from these economists, it's actually economists that are then to blame for our political problems. The $1 trillion platinum coin can solve our economic problem, but it can't solve the political problem that has been created. That takes something more than money.
Reviving Economics — Dedicated to dismantling the Ivory Tower and attempting, in some small way, to help revive the social science of economics.
Average Joe Doesn't Understand Economics
Garth Brazelton

Garth Brazelton debunks some of the myths perpetuated by wrong teaching.


Roger Erickson said...

That's a bit unfair. We didn't use to defer to economic snake-oil salespeople. If fact, we didn't even ask, originally.

A foolish population and it's options are soon parted.

Tom Hickey said...

I have to admit that the Samuelson textbook I was exposed to in college had me duped for fifty years until I encountered MMT.

alittleecon said...

I can second that Tom, although in my case it was 10 years and the textbook by Mankiw.

SchittReport said...

re. sanyajit das - this is really sad.... another seemingly intelligent and educated expert devolving into a debt taliban.

look for his critique of MMT:

Roger Erickson said...

How to "Pay" for What We Need

resort to a more informed electorate ... again?

Roger Erickson said...

So, it's simply because those greenback farmers hadn't had the opportunity to study economics? Who knew!