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The problem is that when they understand it's not true, they conclude that lack of market freedom is the cause.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Migeru (migeru at eurotrib dot com) on Thu Jul 10th, 2008 at 12:20:42 PM EST
[ Parent ]
That is why attempts to change the opinions of existing political and economic elites is futile.  They will always make the minimum concessions and move on.  If those concessions are accepted as the solution, the problem is only deferred, perhaps for a few decades, as after the Great Depression, likely for a much shorter time this time around, given resource problems.

The only real solution is to replace these policy makers with ones with a different agenda.  That requires public support.  That requires a public willing to consider alternatives.  Should the next year prove as interesting as the last those conditions may obtain.  The question is who will prevail?

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Jul 10th, 2008 at 12:39:21 PM EST
[ Parent ]
But bogus market thinking and the ideology of the management class have infected everything including education - so it's haaard.

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Migeru (migeru at eurotrib dot com) on Fri Jul 11th, 2008 at 06:03:05 AM EST
[ Parent ]
Like the Freedmanites, we must await the opportunity.  In the USA, the presidential election may be enabling, but will not be determinative.  However, more financial meltdowns combined with still higher energy and food prices along with possibly unforeseen developments could set the stage.  It would only be an opportunity, and unless skillfully exploited, would be lost. Under such conditions small forces can have large effects. Why should Freedmanites be the only ones who can benefit from shocks and disasters?

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Jul 11th, 2008 at 12:12:22 PM EST
[ Parent ]
Who's waiting in the wings, like the Friedmanites used to?

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Migeru (migeru at eurotrib dot com) on Fri Jul 11th, 2008 at 12:40:11 PM EST
[ Parent ]
Well, the Freedmanites didn't disappear when Freedman died.  The question is if anyone else is waiting and if there will be any contest for the "solution" to a crisis.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Fri Jul 11th, 2008 at 01:02:26 PM EST
[ Parent ]
I guess the answer is 'no', huh?

When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done. — John M. Keynes
by Migeru (migeru at eurotrib dot com) on Fri Jul 11th, 2008 at 05:58:26 PM EST
[ Parent ]

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