Blair FixNov 24, 2022

Cory Doctorow (@pluralistic) on economics training and the new open access Core textbook:

"How is it possible that a coterie of self-appointed court sorcerers to the world’s governments manage to keep their jobs despite being regularly, predictably, and catastrophically wrong?"

Answer: indoctrination

https://capitalaspower.com/2022/11/at-last-a-new-econ-101-textbook/

At last, a new Econ 101 textbook – Capital As Power

Originally published at pluralistic.net Cory Doctorow Neoclassical economics is a hell of a drug. It has no theory of prices, no account of inflation, and its models all presume the existence of a perfectly rational “homo economicus” who is a “utility maximizer” with perfect information. Even the Queen is wise to the scam, grilling Bank […]

Capital As Power
Show threadBrad WeedNov 25, 2022

@blair_fix @pluralistic

“Overall, the message of these texts is ‘the economy is about interactions in competitive markets (a positive statement) that function pretty well (a normative one) and in which governments ought not to meddle.’”

The irony is Adam Smith was very clear that government indeed should meddle. And as a moral philosopher, he’d be astonished his name is attached to such widespread income inequality.

Show threadBrad Weed
@blair_fix @pluralistic
I dug into the life and beliefs of Adam Smith a bit in my most recent essay…
https://interplace.io/p/is-the-invisible-hand-pushing-a-smith
Is the 'Invisible Hand' Pushing a Smith Myth?

Listen now (22 min) | A supreme evil capitalist or a moral sentimentalist?

Interplace
Nov 25, 2022 at 6:44pmMastodon for iOS