How to Rendition An Inconvenient Economist

Since about WWII at the latest, a certain group of economists, think Chicago, have tried their stinking best to best recognized as scientists, an attitude that culminated in the launch of the faux Nobel Prize in 1968. They produce serious looking formulas and graphs up the wazoo, which the media reproduce alongside interviews replete with lofty terminology, and the general public has fallen for the trick: ridiculous though it may be, the field has acquired a scientific aura.

Why did and do they want this? Because trillions of dollars worth of policies based on their ideas gain critical respectability if they can make themselves look credible and in control. So it’s no surprise that the entire effort has been carried by the support of virtually unlimited amounts of money from the finance industry, as well as 99% of the ruling political classes.

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8 comments on “How to Rendition An Inconvenient Economist
  1. someoneionceknew says:

    Steve Keen isn’t the only one. Bill Mitchell got bumped in a round about way as well and has been exiled to Darwin.

    I can see the day that UKMC will get the same treatment in the US.

    The elite universities only want crazy neoliberal Austrian doctrine taught. Why wouldn’t they though? They’ve been restructured the neoliberal way, with their own managerial class calling the shots and governments only too willing to listen.

  2. O says:

    You ain’t too smart max
    Go get the knowledge products podcast on frank knight and the Chicago school. It wasn’t till after stigler that regression analysis really caught on. Caterus parabus. When will you start downloading some free books. You monkey.

  3. Jayme says:

    I’ve only skimmed but the article looks good. I’d have to read the article more carefully but it looks like I agree with its theme.

    Economics is a scripted dance that exhibits many patterns of action as it plays out. It has defined social rules but beyond the basic human dynamics, these are simply inventions/conventions shaped by the initial forces of society and the citizen and the subsequent limitations within the environment.

    Anyone ever wonder why the guys who set up or adopt these schools of thought seem to always be the ones who benefit most by these newly concocted theories of economics? Everyone wants to rule the world and think they’ve found some holy grail, some grain of truth … and then they wish to proselytize the world and revel in their own glory. The priestly classes are always coming up with reasons why they are necessary in any field of study. Fundamentally, they just pile it higher and deeper and generally just coming up with ‘solutions’ by digging out of a hole.

  4. Trevor Morgan says:

    All Economic theories are generally premature. Economics has been lazy and not preparded to enought to get a full picture of organisation and structure and behaviour of each industry and service.
    Darwin could only theorise on origins after Carl Linneaus had defined species.
    The only economist who ever seriously looked at differing market structures was Walter Uuken and he never got around to any magnum opus
    As for the Chigaro school members you may note they never stand in front of a mirror.
    No economics is not a science. It is an art, sometimes a dark art that uses (and abuses) mathetical methods either to prove or to hoodwink and the leyman cannot tell which on most issues.

  5. Flopot says:

    You would think that the financial crisis would have killed off neoclassical economics. Keen points out in his book that the so-called theory states that the financial crisis could never happen, so a disproven theory then).

    This is a great article and it is good that the plight of Keen’s department is being highlighted. Methinks Max and his ilk need to set up their own “economics and politics school” to counteract all the bollocks created by the neoliberal charlatans. Let Steve Keen head this new school of thought, base it in London, and the Keiser Report will have a lasting legacy.

  6. Mary Genoud says:

    Fascinating analysis. The lucky 19 students at UWS, studying with the best.
    Everyone who read, The Shock Doctrine, knows where Chicago economics led.

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