Obama has broken the profession of economics....

[owebo]

Just how bad it really is will soon be realized by millions of uneducated ignorant democrats......




Joe Salerno: Economics is Broken

 

[PurpleOwl]

 

[midcan5]

Economics, can we call it that, has been broken for a long time folks. You do remember the GD and the more recent GR? It's those greedy humans that are the problem, no one seems to have figured that out yet.

"Kristol was trying to detach conservatism from its schizophrenic devotion to free markets on the one hand and tradition on the other. He knew that you can't revere tradition if you admire the "creative destruction" that capitalism brings to life. He knew that you can't insulate the nuclear family from the heartless logic of the market if you accept the dictates of free enterprise. He knew that conservatism had to become more liberal if it were to sound like something more than hidebound devotion to a phantom past. A "combination of the reforming spirit with the conservative ideal," he declared, "is most desperately wanted," and cited Herbert Croly, the original big government liberal from the Progressive Era, as his source of inspiration.

Kristol also knew that the competitive, entrepreneurial economy Friedman and Hayek posited as the source of freedom was a mere fantasy. Capitalism had long since become a system in which large corporations, not small producers, dominated the market - those anonymous and unknowable laws of supply and demand which once made all producers equally subject to the discipline of market forces had been supplanted by the visible hand of modern management: "There is little doubt that the idea of a (free market,' in the era of large corporations, is not quite the original capitalist idea." Some producers had more market power than, others: some persons (and this is how corporations are legally designated) were more equal than others. So everyone was not "free to choose," as Friedman would have it, simply because he or she inhabited a market society. Corporate capitalism remained a moral problem. For in "its concentration of assets and power-power to make economic decisions affecting the lives of tens of thousands of citizens - it seems to create a dangerous disharmony between the economic system and the political." P11 'The World Turned Inside Out' James Livingston