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Gah!
And we have raised more than a generation of college students going into the finance sector on this blinkered monetarist view of the finance sector, that money is somehow dropped on the economy by heicopters and banks are supposed to be just one more type of financial middleman.
The structural problem seems to be that just about anyone with some schooling in economics in the last 30 years (and that would mean just about anyone under 50 with some schooling in economics) has a blinkered monetarist view of the economy (let alone of the finance sector). And what makes this even worse is the masses of people who have just had a one-time "introduction to economics" course or have read some "economics explains everything" paperback from some airport newsstand. Because it makes it harder for heterodox economists like yourself to get your point across as you don't only have to explain things but you have to get people to unlearn what they think they know.

In other words, even if a group of heterodox economists led a revolution, the slightly educated masses wouldn't follow.

A little learning is a dangerous thing.

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith

by Migeru (migeru at eurotrib dot com) on Fri Feb 13th, 2009 at 07:18:31 AM EST
[ Parent ]
... that make the wrecklist at Agent Orange, and never any Econ diaries. "Saving" as adding to a Dragon's Hoard that will increase societies real productive capacity when "the time comes to spend it" ... that is even more deeply entrenched than the "gas tax is political suicide" meme.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Fri Feb 13th, 2009 at 12:06:14 PM EST
[ Parent ]
"Saving" as adding to a Dragon's Hoard that will increase societies real productive capacity when "the time comes to spend it" ... that is even more deeply entrenched than the "gas tax is political suicide" meme.
I'll dig up Keynes' rather short demolition of that in The General Theory...

Most economists teach a theoretical framework that has been shown to be fundamentally useless. -- James K. Galbraith
by Migeru (migeru at eurotrib dot com) on Fri Feb 13th, 2009 at 12:12:37 PM EST
[ Parent ]
... demolished, readers have to be in a mood to permit concepts to be demolished in order to avoid the, "well, there's a plausible sounding bit of bullshit" reaction.

And of course, Agent Orange is designed to avoid undermining people's basic prejudices.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Fri Feb 13th, 2009 at 12:55:21 PM EST
[ Parent ]
... with a diary about how stupid John Boehner (R-OH) is to be complaining about the $8b for HSR, claiming it was a pet project for Harry Reid to get a bullet train from Las Vegas to Hollywood, when the money is for designated HSR corridor, of which there are TWO here in Boehner's home state of Ohio and NONE in Nevada.

You're From Ohio, You Idiot, Don't Screw With Our Train

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Sat Feb 14th, 2009 at 09:50:43 PM EST
[ Parent ]

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