Becoming a Banana Republic | 80 comments (80 topical, editorial, 0 hidden)

Re: A lot of the damage at the moment is ... (none / 1)

We've known this about monetary production economies for over half a century, its just that the understanding of a monetary production economy is inconvenient for a range of private interests during financial bull markets, so quite a lot of money has been invested over more than half a century in creating willful ignorance regarding monetary production economies.

It is a sad reflection on the state of Economics that the private interests that benefit during a financial bull market can bribe academics and policy makers into willful ignorance of monetary production economies.

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

by Carrie (migeru at eurotrib dot com) on Wed Apr 1st, 2009 at 04:12:07 AM EST
[ Parent ]

Re: A lot of the damage at the moment is ... (none / 0)

bribe? Try cow or intimidate! My suggestion to Bruce about responding from deeper cover was only partly facetious. Perhaps he teaches at an institution where anthropologists or sociologists have moved into the higher ranks of administration. To them NCE is like the proverbal "dead skunk in the middle of the road."

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

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed Apr 1st, 2009 at 11:30:34 AM EST
[ Parent ]

Becoming a Banana Republic | 80 comments (80 topical, 0 editorial, 0 hidden)

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