from deshoebox

However mainstream economics should be defended. It should! Are you able to even think about what would possibly occur if it have been efficiently challenged? If folks began to doubt the god-like effectivity of markets, the beautiful perfection of financial equilibria, the flawless functioning of billions of transactions performed on the premise of full data and rational expectations? If folks started to ask, “What’s the financial system actually for? What’s it speculated to be doing?” and if the brand new economists started analyzing it based mostly on its inherent goal as a substitute of…effectively, no matter they do now? Why, if greater than a handful of individuals began asking why we regularly reproduce a system that results in higher and higher inequality of wealth and revenue, facilitates the ruthless exploitation of powerless folks all over the place, and that in the long term will undoubtedly be blamed for the near-destruction of civilization by way of alteration of the planet’s local weather system….the thoughts reels! It may result in recognition of common rights to life and dignity, to limitations on profit-seeking and tax avoidance, to (and I shudder at this thought) the likelihood that one of many variants of egalitarian socialism would possibly stop to be a bogeyman used to frighten kids and turn into a political chance. No, this should not be! Mainstream economics, we’ll defend you to the loss of life, we’ll worship you, and we’ll strike down any who dare query your elementary tenets!

Economists like Krugman, Wren-Lewis or Stiglitz are nothing but die-hard defenders of mainstream economics.