The Tyranny of Zombie Economics in America

Discussion in 'Economy' started by BDBoop, Sep 6, 2011.

  1. BDBoop
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    BDBoop BANNED

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    The Tyranny of Zombie Economics in America - Jared Bernstein - Business - The Atlantic


    How a stubborn misreading of classical economists -- combined with a hyper-partisan Republican Party -- haunts the U.S. economy

     
  2. Oddball
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    One of the biggest examples of Freudian projection and blame shifting I've seen in quite awhile....Which is saying something around this dump.

    Little wonder you think it's brilliant.
     
  3. bripat9643
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    First, J.S. Mill wasn't an economist, although he commented on economic issues.

    Second, Adam Smith is not the final word on economics. He never commented on the issue of externalities or pollution because it simply wasn't a significant issue in the late 18h century. The claim that markets "underinvest in public goods" is nothing more than the opinion of a hack on the government payroll. It's not a fact of any kind.

    Capitalism eliminates poverty and reduces inequality. It's easy to see that the worst poverty and inequality exist in countries where capitalism has never been in operation.

    I doubt there is any employed economist who teaches that market bubbles are impossible. However, they are almost always the result of govenrment interference in the market. The recent sub-prime mortgage debacle is a classic example. This disaster was obviously the result of government tinkering in the mortgage market. The Great Depression was also caused by government artificially inflating the supply of credit. if you look at all past recessions and depression, the finger of blame points squarely at politicians and the government.
     

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