This is a strong contender for Bill's most powerful post to date. ID's two of the main culprits of the neoliberal fiasco — George Stigler and Gary Becker — and shows how their (ersatz) Nobel prizes are a travesty.
It's an indictment of the entire orthodox economics profession. Let's see who responds, or if Bill is just ignored.
New Economic Perspectives
Nobel Schizophrenia over the Georges: Stigler and Akerlof
William K. Black | Associate Professor of Economics and Law, UMKC
See also Three Passages From Akerlof & Romer’s 1993 Article That Should Have Prevented The Crisis.
sounds like a powerful lobby of Americans was pushing for "American Exceptionalism" from common sense
ReplyDeletethe authoritarian view, from Gov. Winthrop of Massachusetts Bay Colony ... on to today's NeoCons
who are these people? naive kids from wealthy families ... and their co-dependent buddies?
Tom, I'm probably late to this post but is there any hope that the heterodoxy will see something valuable and worth engaging in the work of mainstreamers such as Akerlof? It's worth pointing out that he rejects the natural rate of interest and posits a credit view of central banking, which in my view, is actually very compatible with some of the post-keynesian stuff. He writes about the importance of norms and regrets their absence in mainstream theory. He's one of the good guys.
ReplyDeleteDon't if there is any behind the scenes contact, circuit.
ReplyDeleteBut Akerlof is already well positioned as the spouse of Janet Yellen. Presumably she reads his stuff and they talk about economics. :) Maybe that's enough to wish for.