Tuesday, May 10, 2016

Chris Dillow — Economics vs bankers

The problem is not economics but the misuse of economics. (I would add that this applies to math in economics. It's not math that's the problem but the uses to which math is put. Fit the tool to the job and not the job to the tool.)
My point here is not just that the financial system is deeply dysfunctional and serves the interests of state-subsidized rent-seekers much better than those of customers. It’s also that this fact is evident through the lens of standard economics. Conventional economics is not only correct in same ways, but can serve a radical purpose.
MMT is certainly radical in the current environment.

The post contains some useful links, too.

Stumbling and Mumbling
Economics vs bankers
Chris Dillow | Investors Chronicle

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