Thursday, September 10, 2009

How Did Economists Get It So Wrong? -

How Did Economists Get It So Wrong? -

Economists got it wrong by:

Believing their own bullshit. Economy, as a science, is really a belief system. These mere mortals think that they are masters of the universe.

Politicizing their beliefs. Economists used the political tactic "if you repeat a lie (or a belief) often enough, people will start to believe it.

They forgot the definition of insanity - doing something repeatedly and expecting the results to change. Every strong Republican/supply-side/trickle-down administration has plunged the country into recession. Standing this ground on idealogical feet makes no sense, except to a complicit media and a public willing to accept lies.

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