Monday, September 30, 2019

Renegade Inc: The Licence To Be Bad

This Is really good, where Dr Jonathan Alfred says everything I have always said here.

Neoliberalism simply is not working, he says, and yet our politicians and the economic profession say that more neoliberalism is the answer. For instance, free markets are driving climate change, so the neoliberals say more markets are the solution, not tackling the cause.

What he says about scientific economics is the best, though: The profession attracts a lot of mathematicians and people qualified in system analysis, but they know nothing about economic history, political economics, and nothing about economics either. Their equations leave out ethics, humanity, morality, friendship, community, politics, kinship, says, Jonathan Alfred.

 It's one of the best articles I've posted.

Warren Buffet’s sidekick Charlie Munger once said “Show me the incentives and I’ll show you the results”. His logic is simple - when the incentives are misaligned, so too are the outcomes. Banking is a sector that proves his point - where so many people are rewarded for exploiting society. So how have our overall economic incentives become so skewed? Host Ross Ashcroft is joined by fellow and director of studies in economics at Cambridge, Dr Jonathan Aldred to discuss why economics has evolved to now punish those who want to do what’s right and reward those who do wrong.

No comments: