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How mainstream economics has led to clueless governments
How mainstream economics has led to clueless governments It’s time to consider a better economic plan (Image edited by Dan Jensen) Governments of all stripes base their policies on mainstream economics. Powerful challenges to the mainstream, especially from ecological economics and modern monetary theory, explain why we are in a hole and can’t seem to […]
Does it Matter Whether Assumptions in Economics are Arbitrary?
DOES IT MATTER WHETHER ASSUMPTIONS IN ECONOMICS ARE ARBITRARY? Various assumptions employed by mainstream economists appear to be of an arbitrary nature. The assumptions seem to be detached from the real world. For example, in order to explain the economic crisis in Japan, the famous mainstream economist Paul Krugman employed a model that assumes that […]
Why Mainstream Economics Consistently Fails to Explain the Occurrence of Recessions?
WHY MAINSTREAM ECONOMICS CONSISTENTLY FAILS TO EXPLAIN THE OCCURRENCE OF RECESSIONS? In his article released on March 21 2018 – Economics failed us before the global crisis – Martin Wolf the economics editor of The Financial Times expressed some misgivings about macroeconomics. Economics is, like medicine (and unlike, say, cosmology), a practical discipline. Its goal […]
An Inflation Indicator to Watch, Part 3
An Inflation Indicator to Watch, Part 3 “During the 1980s and 1990s, most industrial-country central banks were able to cage, if not entirely tame, the inflation dragon.” —Ben Bernanke Ben Bernanke began his oft-cited “helicopter speech” in 2002 with a few kind words about his peers, including the excerpt above. Speaking for central bankers, he […]
The world in 2018 – Part Three
The world in 2018 – Part Three Mainstream economics seems to have learned little and changed nothing in the last decade, despite the fact that the financial crisis and its aftermath laid bare a number of important issues with its theories and models. Failure to address these issues is making the economics discipline increasingly incapable of […]
An Inflation Indicator to Watch, Part 1
An Inflation Indicator to Watch, Part 1 “Inflation is always and everywhere a monetary phenomenon.” —Milton Friedman Have you ever questioned Milton Friedman’s famous claim about inflation? Ever heard anyone else question it? Unless you read obscure stuff written for the academic community, you’re probably not used to Friedman’s quote being challenged. And that’s despite […]
Steve Keen: “Why Did It Take So Long For This Crash To Happen?”
Steve Keen: “Why Did It Take So Long For This Crash To Happen?” As originally written at RT, outspoken Aussie economist Steve Keen points out that everyone who’s asking “why did the stock market crash Monday?” is asking the wrong question; the real question, Keen exclaims, is “why did it take so long for this […]
GDP Is Bogus: Here’s Why
GDP Is Bogus: Here’s Why Here’s a chart of our fabulous always-higher GDP, adjusted for another bogus metric, official inflation. The theme this week is The Rot Within. The rot eating away at our society and economy is typically papered over with bogus statistics that “prove” everything’s getting better every day in every way. The […]
The Climate Crisis as seen by the economics mainstream
The Climate Crisis as seen by the economics mainstream Mainstream economics frames the climate crisis in a particular way but this approach is not at all helpful. There have been a variety of controversies which show clearly how economists think – like the “price of a life” controversy. The findings of the Stern Review were […]
The Age of Finance Capital—and the Irrelevance of Mainstream Economics
The Age of Finance Capital—and the Irrelevance of Mainstream Economics Despite the fact that the manufacturers of ideas have elevated economics to the (contradictory) levels of both a science and a religion, a market theodicy, mainstream economics does not explain much when it comes to an understanding of real world developments. Indeed, as a neatly […]
Why Economics Matters
Why Economics Matters This article is a selection from a June 19 presentation at a lunchtime meeting of the Grassroot Institute in Honolulu at the Pacific Club. The talk was part of the Mises Institute’s Private Seminar series for lay audiences. To schedule your own Private Seminar with a Mises Institute speaker, please contact Kristy Holmes at the Mises Institute. First let me say that what we today […]
