Re: [Pen-l] How the Entire Economics Profession Failed

[Jim Devine <jdevine03@xxxxxxxxx>]

raghu wrote:
> This agrees with what I have long suspected: the main use of
> mainstream economics is as propaganda. And in indoctrinating society
> about the virtues of selfishness.

To some extent, the economics profession serves _its own_ purposes: it
involves a self-perpetuating mandarinate, involved in a discussion
with itself.

Also, it's important to remember that the New Deal or
social-democratic liberal wing of economics does not believe in the
virtues of selfishness. After all, greed leads to a lot of market
failures. But this school of economics usually tries to solve the
problem in technocratic ways. Economists of both the neoliberal
(laissez-faire) and New Deal wings typically don't believe in
democracy beyond the anemic sort that prevails in most advanced
capitalist countries.

-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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