Re: [Pen-l] What good are economists?

[fmoseley@xxxxxxxxxxxxx]

Quoting Bill Lear <rael@xxxxxxxxxx>:

> On Wednesday, April 22, 2009 at 09:37:39 (-0400) 
> fmoseley@xxxxxxxxxxxxx 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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