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Most of the complaints about economics from the Post-Crash society would have been accurate about any economics curriculum over the past few decades. They are so virulent now, however, because the global financial crisis changed many people's view of economics. To many, the failure of mainstream economics to predict or prevent this crisis indicates that the subject has failed and needs to be fundamentally re-thought.
This evening Italian TV solemnly informed us that the economy was doing badly and that Italians were going to forego going out and celebrating New Year on the town, and instead would be staying home and spending E76 on average per family eating dinner.
Not hard to see why it's called the 'dismal science'!
Especially when economists are regularly trotted out to add weight to policies that to the average citizen look like just more austerity, but not to worry as next year projected growth would be improving from -.2% to -.1%, which then is always revised downwards when the reality has become undeniable (even to economists).
Then this guy
comes on the screen, and we all breathe a sigh of relief, as this is a Chief Hatchet man from the Troika Serious Person and will guide us through the Valley of The Market the Shadow of Death, you can just tell by his expression that all will shortly be hunky-dunky. The goodness and light just seep out of his expression of Optimal Rational Action.
Then the talking head says that he (Padoan, Italy's Economics minister pictured above) may be Italy's next President, as Draghi is too busy saving the Euro to come preside over the sinking ship scurrying with rats that is The Nation under Renzi's (lack of) good governance.
Methinks that will go over like the proverbial ton of fun bricks...
'The history of public debt is full of irony. It rarely follows our ideas of order and justice.' Thomas Piketty
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