Friday, March 4, 2011

Economics is no longer a relevant discipline

"Economics stopped being a relevant discipline about 30 years ago. The entire realm of academic and mainstream economics today is designed to spew propaganda that supports an ever expanding, ever rapacious financial sector." -Mike Norman


Tom Hickey said...

Mike, you got company:

Bill Mitchell, The economics profession is a disgrace

Globalist said...

Apparently, its a fad nowadays to call yourself an "Austrian" economist. Its the new witchcraft of the 21st century.

It stands for "No economics accreditation, I learnt economics from watching Youtube videos, posted by people who have no economics background, knowledge or accreditation either."

The original "Bernank" video going viral is conclusive evidence that abject ignorance is infectious on the internet.

Red Rock said...

Serious question here:

Can someone explain to me why for a couple of centuries the US seemed to have gotten along fine with small budget deficits? Roads and bridges were built, kids were taught and GDP growth was good. Tax rates were higher too.

Now we seem to need big budget deficits and lower taxes and the economy is barely treading water. and infrastructure is corroding.

Why is the formula that worked for generations now so inadequate? MMT needs to explain this paradox so that the average person can understand it.