Home > Uncategorized > Economists helped force many people into poverty

Economists helped force many people into poverty

from Ken Zimmerman

Today and for the last 50 years economists have played a large part in increasing both the rate and impacts of poverty. Of the many factors involved in poverty, economists have increased the severity of three of these–unemployment, low wages, and poor health. Dominant economic theory today doesn’t even recognize the event unemployment, so its virtually impossible that these same economists can develop public policies to address the factors that lead to the rise of unemployment and the impacts of unemployment. America is infamous for low wages and low wage jobs. The minimum wage has not increased significantly in over 30 years. Economists helped force many people into poverty and now with their opposition to a livable minimum wage they work to keep them there. Finally, with their willingness and enthusiasm to deny health care to almost 50 million (maybe more) Americans, mostly poor, economists help ensure that poor health will be a part of the lives of many of these people. God, if survival is the goal, the poor of America have every reason to rid the nation of all economists.
https://rwer.wordpress.com/2019/05/10/share-of-income-earned-by-top-1-percent-1975-2015-7-countries/

  1. Yoshinori Shiozawa
    June 27, 2019 at 12:35 am

    It is true that majority of main stream economists have been ignoring unemployment as serious problem of economics. But, in this forum, much more blame should be placed on NK and PK economists who could not present more persuasive theory than New Classical economists.

    PK economists talk much about methodology, but could not present theoretical foundations why involuntary unemployment occurs and persists. This is the question how market economy works but PK economists stayed to play with their macroeconomic models.

    See our discussion in ResearchGate:
    https://www.researchgate.net/post/Does_Post_Keynesian_Economics_need_no_theoretical_foundations

  2. EDWARD K ROSS
    June 27, 2019 at 1:42 am

    I certainly agree that many economists are the cause of the hardship forced on many ordinary citizens. However I make the distinction that the ruling mainstream neoliberal economic rationalists are the blight upon the earth ,because they have become the servants of the powerful wealthy elite. Whereas those economists that begin there economic conversations from genuine observation of the needs of all citizens, instead of a few wealthy elite, have a very important role to play to promote equality, and a democratic egalitarian society foe all. Ted

  3. June 27, 2019 at 4:17 am

    Yes, it’s downright evil what austerity has caused. It just demonstrates what [so called] “Nobel prizes” are worth -very little. I don’t know if even one recipient was not a supporter of the mainstream emanating from academia after the mid 1960’s and based on Hayek and Mises who prepared the groundwork. It has created unmitigated evil and disastrous results yet just maybe from now on they will be made to acknowledge it, not to mention their acolytes in the press and political figures. It’s been very successful as no one has had their dissenting voice heard outside of a few who saw what really was happening.

    What has been missed is that governments acquire legitimacy from looking after the well being of ALL its citizens. Neglecting that is a dereliction of duty sufficient to destroy the government’s legitimacy. However since there seem to be no mechanism to do anything about it except popular vote, nothing will happen. In addition the narrative is so manipulated today we are all turkeys voting for Christmas. The narrative is totally bogus but so many have swallowed it we vote against our own best interests, Economists, the mainstream kind] are in the vanguard of disinformation. The economy is very important. However not as they would have us believe, that we are part of the economy, instead the economy is part of us.

    Lets get this message out!

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