Friday, July 8, 2016

Brian Romanchuk — Good Article By J.W. Mason

J.W. Mason has a good article on mainstream economic theory "I Don't See Any Method At All." The argument is that it is a mistake to assume that mainstream economic theory has anything to do with the economy of the real world. This article is quite brief; I may expand on my comments about "economics mathematics" later.…
Bond Economics
Good Article By J.W. Mason
Brian Romanchuk

1 comment:

Ignacio said...

I read a pretty good quote the other day on Bill.M. place in a comment:

As one heterodox economist wrote in the 90s when Sweden implemented internal devaluation, or as the called it ‘budget decontamination’:
“But who cares about the economy today? Every day, programmes [on “economy”] are broadcast. But there is no discussion of the economy, only of the finances. Short- and long-term interest rates, budget deficits, equity quotes and whatnot are discussed, but not the economy.

The “economy” is not the same thing as the “finances”. The economy is human activities, the way we create value by using our knowledge and talents. Today’s waste of human resources has no place in the cynical world of finance.

The real-world economy must comply to being cut short in order to fit this financial Procrustes’ bed. ”

Mainstream economics is about talking about finance while pretending that you are talking about 'economics' and pretending that you are not talking about finance and you are ignoring it because 'it all balances out' (due to supposed money neutrality and Say's law).