Re: Why economists do not care about high rates of unemployment w

[FAC_BROSSER@xxxxxxxxxxxxxxxx]

To Doug Henwood:
     You're probably right for most.  A bango depression is what
would probably shake many.  But I would note that there has been
increasing awareness of the "Silent Depression" even among a lot
of mainstream types which has raised a lot of questions, although
the recent pickup of the US economy may reinforce complacency on
many of their parts.  Something else that has gotten the attention
of some of them has been all the misbehavior in the financial markets
that you have noted on numerous nets.  CAPM and the great Finance
Orthodoxy that depended on Rational Expectations is looking pretty
ragged these days.  Losing a lot of money can open a few eyes,
perhaps for some of these even more than unemployment among "them".
Indeed this is where the nonlinear stuff has been getting a big
opening because it offers ways of explaining these weird financial
oscillations and also points in the direction of nonergodicity,
uncertainty, etc., etc.  The stock market shines a light on the
naked emperor, at least for some.
Barkley Rosser
James Madison University