Wednesday, July 22, 2020
Debunking the distributional status quo — Nick Johnson
Important observatin by Geoffrey Hodgson on marginal productivity and system embeddedness. Conventional economists don't do systems well, as Keynes showed in their overlooking the fallacy of composition, a freshman mistake.
In the Cambridge Capital Controversy, Piero Sraffa and Joan Robinson called attention to a similar mistake regarding the use of "capital" in neoclassical modeling.
The list goes on.
MMT economist have also pointed out many such obvious mistakes regarding money & banking and finance in addition to macroeconomics.
This is a high level of incompetence in the field. What is wrong with conventional economists anyway?
The Political Economy of Development
Debunking the distributional status quo
Nick Johnson
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3 comments:
What is wrong with conventional economists anyway?
Tom Hickey
You said follow "As always, follow the money, power and prestige", Tom.
And where does that usually lead with most economists?
Ans: to the government backed usury cartel, aka "the banks."
It's no wonder then that even the MMT gang clings tenaciously to an obsolete, inherently corrupt, Gold Standard banking model rather than what is justice.
One would think they are unaware of how close THE END might be if we don't repent of stealing from and oppressing the poor.
When “the end!” never comes you’re going to have to become an Atheist.... have to...
“What is wrong with conventional economists anyway? “
Ahem.....
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