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Monday, April 6, 2009

Talkin' Bout a Revolution

There needs to be a revolt in economics. I'm not talking about a movement from within - the heterodox fields regarding post-Keynesian and institutionalist thinking etc are covering that at an increasing pace. No, I'm talking about the everyday Joe who is going to, or already has, lost his job because of the misleading "facts" purported by, and the downright intellectual ineptitude coming from, mainstream economic thought over the last few decades.

Joe should be angry, and he should be angry at the economists.

The more I think about it, the more mad I get at my profession (or at least the field in which I was schooled).

This crisis can be summed up easily:
Bubbles are naturally occuring. Most economists dismissed the housing bubble as just "what you get when your economy is doing really well and people have more income to live out their American dream in owning a home." In other words, economists took the classical economics line of laissez-faire it's-just-the-glorious-market approach, and they ignored any talk of something going askew.

But these same economists (including Greenspan, and even Ben Bernanke said it back in 2005,....)are NOW saying, oh, well, sorry, there really was - guess we should have listened to the realists in the world.

I challenge you to google "is no housing bubble" in 'google.' It will come up with scores of economists and people with real authority that said as much. Why should we look to these same people now? Why does the profession continue to rely on the unrealistic physics-wannabe modeling of mainstream economics?

Why do we continue to kid ourselves? Yes, the tide is turning (finally) but when I say "we" I mean everyone - why isn't the entire populace outraged? Why aren't they banging at the gates of the Ivory Tower - nay, why aren't they burning it down?

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