3/1/09

The Failure of Economics

Mark Thoma has great post on new paper about the systemic failure of economics as a field in not helping us avoid today's crisis or having enough relevant things to say about our most pressing problems.

2 Comments:

Blogger Sumisu said...

It doesn't help because it has 2 Brains: 1 academic--somewhat rational, but heavily influenced by political leanings--and the other profit-oriented which is, well, profit-oriented.

They're fundamentally at odds and always will be: the markets aren't 'rational' (look at the way we talk about them like they're feral cats we're trying to tame) and many of the so called 'academic' economists we see on TV actually aren't: they're "Think Tank" (HA!) guys and they have agendas.

Oh, and you really quote David Brooks too much. When are you going to realize the guy is an intellectual light-weight who is never right?

March 7, 2009 at 7:10 AM  
Blogger Deadbeat said...

The reason economics has failed is that they have avoided Marx for decades

May 29, 2009 at 2:46 AM  

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