tag:blogger.com,1999:blog-2761684730989137546.post5220854998136497619..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: Peter Dorman — Mankiw: Let’s Really Piss Off Those Liberalsmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2761684730989137546.post-6214210323192642892014-06-23T16:22:18.791-04:002014-06-23T16:22:18.791-04:00I think it is starting to become more widely recog...I think it is starting to become more widely recognized that much economics is ideological propaganda rather than policy science. Conventional economists are broadly under attack and this is getting reported in more media post-Piketty. Even Karl Marx is being mentioned without being demonized.<br /><br />Neoclassical economics is irrelevant since it does not model the world in which we live, which is highly institutionalized and managed. Therefore, the so-called laws of economics do not apply as advertised other than in special cases. There is no general theory of political economy, although neoliberals pretend that neoliberal political theory is based on a science of economics that proves it. That's just propaganda and it needs to be called out as such.<br /><br />It's only recently that central banks are correcting the previously false assumptions, for example. Heterodox economists saying it is one thing, and central banks quite another.The chipping away seems to be working.<br /><br />This is growing legs.<br /><br />In my view, there has not been enough emphasis on the role of institutions. This is not an economic issue either alone or even chiefly. The economics follow from the institutional structure of neoliberalism, which pretends to be about freedom but is actually based on corporate statism as <a href="http://www.alternet.org/story/85728/inverted_totalitarianism%3A_a_new_way_of_understanding_how_the_u.s._is_controlled" rel="nofollow">inverted totalitarianism</a>.Tom Hickeyhttps://www.blogger.com/profile/08454222098667643650noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-23056090899465022402014-06-23T15:27:35.039-04:002014-06-23T15:27:35.039-04:00Tom, do you think this chipping-away at neoliberal...Tom, do you think this chipping-away at neoliberal economics is getting anywhere or is it just delaying the inevitable/paul melihttps://www.blogger.com/profile/04604543110795683837noreply@blogger.com