The real culprits....Reviving Economics — Dedicated to dismantling the Ivory Tower and attempting, in some small way, to help revive the social science of economics.
...are the mainstream economists who continue to tell outdated or just flatly wrong tales about how our economy actually functions.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.
Average Joe Doesn't Understand Economics
Garth Brazelton
Garth Brazelton debunks some of the myths perpetuated by wrong teaching.
6 comments:
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.
I have to admit that the Samuelson textbook I was exposed to in college had me duped for fifty years until I encountered MMT.
I can second that Tom, although in my case it was 10 years and the textbook by Mankiw.
re. sanyajit das - this is really sad.... another seemingly intelligent and educated expert devolving into a debt taliban.
look for his critique of MMT:
http://www.youtube.com/watch?v=Ji0Z6f73-Fo
How to "Pay" for What We Need
http://theamericanscholar.org/how-to-pay-for-what-we-need/
resort to a more informed electorate ... again?
So, it's simply because those greenback farmers hadn't had the opportunity to study economics? Who knew!
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