Quoting Bill Lear <[email protected]>:
On Wednesday, April 22, 2009 at 09:37:39 (-0400)
[email protected] writes:
The reason why mainstream macroeconomists failed to predict the current
economic crisis, and continue to fail to understand and explain it, is
that their THEORIES ARE BAD. ...
I think this is nonsense. Plenty of economists used their plain
vanilla economics education to see a bubble forming and warned about
it. The problem is that most mainstream economists have a religious
devotion to neoliberal "free markets", which when translated to
English means "deregulation, public subsidies, union busting, the
invisible handshake, war, demonizing the poor, a preferential option
for the rich", etc.
Bill
Bill, don't you think that the lack of profit and debt in their
theories makes it next to impossible to understand crises in capitalism?
Fred
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