David B. Shemano quotes [George Mason University] economist Arnold Kling: >At the University of Chicago, economists lean to the right of the economics profession. They are known for saying, in effect, "Markets work well. Use the market." At MIT and other bastions of mainstream economics, most economists are to the left of center but to the right of the academic community as a whole. These economists are known for saying, in effect, "Markets fail. Use government." Masonomics says, "Markets fail. Use markets."<
It is not true that economists at "MIT and other bastions of mainstream economics" are saying, in effect, "Markets fail. Use government." Rather, they are saying that markets and governments can complement each other under the wise and technocratic guidance of MIT and other mainstream economists. They reject the Chicago-school view that markets and government are always substitutes for each other. I don't know much about "Masonomics" (having thought that it was just a more extreme and puerile version of the Chicago school). But the slogan saying that "Markets fail. Use markets" is like Stalin saying "Central planning fails. Use central planning." It's crazy. If a GMU insider thinks that represents their point of view, it's quite telling. -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
