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Old 2017-03-18, 21:57   #1
ewmayer
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Sep 2002
Rep├║blica de California

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Default Mystery Economic Theater 2017

By way of reference, here are links to previous installments of this thread series: 2016, 2015, 2014, 2013, 2012, 2011, 2010, 2009 and 2008.

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How Bankers Became the Top Exploiters of the Economy | Michael Hudson for Counterpunch

For your longer-weekend-reading pleasure - Interview with the always-great Michael Hudson. A few bugs in the (apparently auto-rendered and imperfectly edited) transcript, e.g. 'self-caring' instead of 'self-curing' in the paragraph on Schumpeter's 'creative destruction' hypothesis, 'ruler' instead of 'laborer' in the bit about the pyramid builders, and corporate 'raters' in place of 'raiders'. Also, in the part where MH talks about the economics of atomic power, I think he means 'spent' rather than 'depleted' uranium, since the latter is leftover from U-enrichment and not particularly toxic compared to the post-reactor spent stuff. (In fact the military loves DU to make penetrating projectiles out of - when one of those fragments on impact and even burns it does great increase the toxicity, but still nowhere near that of spent fuel.)

The writings of the few economists I have real respect for, like Hudson here and the late John K. Galbraith a half-century ago, convince me that it should be illegal to grant an economics degree without at least half the total coursework consisting of economic history from ancient to modern times. They could throw the advanced maths out to make room for that, since as Hudson notes, mainstream economists deploy mathematics overwhelmingly to deceive and obscure their own bogus assumptions in a fog of pseudoscientific flummery and haute-credentialism. As Galbraith himself famously said, "In the case of economics there are no important propositions that cannot be stated in plain language."

(A fine related link on succinctness: J.K. Galbraith on the art of good writing.)

Last fiddled with by ewmayer on 2017-03-19 at 21:46 Reason: add jkg quote
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