Home > Uncategorized > Mainstream economics, we will defend you to the death.

Mainstream economics, we will defend you to the death.

from deshoebox

But mainstream economics must be defended. It must! Can you even imagine what might happen if it were successfully challenged? If people started to doubt the god-like efficiency of markets, the exquisite perfection of economic equilibria, the flawless functioning of billions of transactions conducted on the basis of full information and rational expectations? If people began to ask, “What is the economy really for? What is it supposed to be doing?” and if the new economists began analyzing it based on its inherent purpose instead of…well, whatever they do now? Why, if more than a handful of people started asking why we continually reproduce a system that leads to greater and greater inequality of wealth and income, facilitates the ruthless exploitation of powerless people everywhere, and that in the long run will undoubtedly be blamed for the near-destruction of civilization through alteration of the planet’s climate system….the mind reels! It could lead to recognition of universal rights to life and dignity, to limitations on profit-seeking and tax avoidance, to (and I shudder at this thought) the possibility that one of the variants of egalitarian socialism might cease to be a bogeyman used to frighten children and become a political possibility. No, this must not be! Mainstream economics, we will defend you to the death, we will worship you, and we will strike down any who dare question your fundamental tenets!

https://rwer.wordpress.com/2019/07/22/economists-like-krugman-wren-lewis-or-stiglitz-are-nothing-but-die-hard-defenders-of-mainstream-economics/#comments

  1. tyillc
    July 23, 2019 at 12:37 am

    We know the assumption about “the flawless functioning of billions of transactions conducted on the basis of full information” isn’t true. No place is this more apparent than the financial markets where Wall Street is constantly trying to sell opaque securities.

  2. Mike Ryan
    July 23, 2019 at 12:49 am

    hear hear!!! or is it here here…. bravo

  3. lobdillj
    July 23, 2019 at 1:50 pm

    Marvelous satire! I love it!

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