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Saturday, June 19, 2021
"Heterodox" economics as rediscovery — Chris Dillow
Mentions functional finance and cites Randy Wray. Good read.
The incompetent economists who did the "forgetting" before the "rediscovery" all still have their jobs, of course: Rogoff, Reinhart, etc. Economics is a respectable middle class profession, and members of those sort of professions are reluctant to call out incompetence when it stares them in the face for fear of bringing the profession into deisrepute. So incompetents get to the top!
The incompetent economists who did the "forgetting" before the "rediscovery" all still have their jobs, of course: Rogoff, Reinhart, etc. Economics is a respectable middle class profession, and members of those sort of professions are reluctant to call out incompetence when it stares them in the face for fear of bringing the profession into deisrepute. So incompetents get to the top!
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