An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Wednesday, November 6, 2019
Learn the Language of Power [Ha-Joon Chang]
Why economists get it so wrong, especially the ones that rely on a lot of abstract maths which doesn't relate to the real world, the one where people have desires, wants, needs, aspirations, and a need for safety and companionship.
Cut the maths out, roll up your sleeves, and talk to the public to see how they see it.
Absolute efficiency is not always what they want. Going to the shops often involves stopping to chat with people.
In my opinion, the MMT folk understand the real world, and that's why I like them so much. It's human economics, made for people. It's humane.
"They’ve never met a poor person. They’ve never lived in deprived areas.”
Ha-Joon Chang explains why economics is too important to be left to economists.
"abstract maths which doesn't relate to the real world, the one where people have desires, wants, needs, aspirations, and a need for safety and companionship."
lol looks like they are applying Darwin rather than not applying math....
"abstract maths which doesn't relate to the real world, the one where people have desires, wants, needs, aspirations, and a need for safety and companionship."
ReplyDeletelol looks like they are applying Darwin rather than not applying math....
It's called Empathy, Franko.
ReplyDelete