‘ If we fail to turn second-graders into Socrates, our kids may end up becoming expert at a making a living, but they will be incompetent at creating a civil society.’
„…integrating such insights into microeconomics is not easy. One has to tread a fine line between integrating new and important results without making the standard theory look completely useless to students. This is often advanced as an argument not to integrate newer results at all. I tend to disagree with this view. It supposes that students are unable to hold two opposing thoughts in their head, which I find more than a little patronizing….“
„If we want a viable pluralist economics curriculum, a way to structure ideas from the diverse schools of thought is absolutely crucial, and I hope this mud-map of economic domains can provide a starting point. New pluralist textbooks and teaching materials based on a structured inquiry can demonstrate how diverse ideas can be brought together, without creating conflict and without transforming the exercise into merely a process of selecting a school of thought that aligns with the student’s existing ideologies“
More importantly, it’s increasingly recognised that:
a) Ordinary citizens need to get involved in economic debates
b) It’s not as hard as you think
c) It’s not a science like biology’s a science
d) There are lots of different ways to think about it“
„Many economists believe themselves, and tell other people, that economics is a ‘value-free’ science, like physics or chemistry. However, my book emphasises that economics is a fundamentally political and moral subject. Whereas the particles and compounds studied by scientists do not hold political and moral views, human beings who populate the economy do, and so we cannot fully understand the economy without understanding politics and ethics.“
“The benefits in terms of increased growth seem fairly difficult to establish when looking at a broad group of countries,” they said. “The costs in terms of increased inequality are prominent. Such costs epitomise the trade-off between the growth and equity effects of some aspects of the neoliberal agenda.
“Increased inequality in turn hurts the level and sustainability of growth. Even if growth is the sole or main purpose of the neoliberal agenda, advocates of that agenda still need to pay attention to the distributional effects.”
“In the case of fiscal consolidation, the short-run costs in terms of lower output and welfare and higher unemployment have been underplayed, and the desirability for countries with ample fiscal space of simply living with high debt and allowing debt ratios to decline organically through growth is underappreciated.”
They concluded that the increase in inequality threatened to be self-defeating. “The increase in inequality engendered by financial openness and austerity might itself undercut growth, the very thing that the neoliberal agenda is intent on boosting. There is now strong evidence that inequality can significantly lower both the level and the durability of growth.”
The president sat down with Andrew Ross Sorkin to speak candidly about his administration’s efforts to rebuild the U.S. economy after the 2008 financial crisis. Here’s what we learned.
He thinks that our economic future depends on dispelling several widely held beliefs from the past.
“If we can’t puncture some of the mythology around austerity, politics or tax cuts or the mythology that’s been built up around the Reagan revolution, where somehow people genuinely think that he slashed government and slashed the deficit and that the recovery was because of all these massive tax cuts, as opposed to a shift in interest-rate policy — if we can’t describe that effectively, then we’re doomed to keep on making more and more mistakes.”Вукашин Б Васић’s insight:
А шта у ствари председник Обама мисли о тзв. фискалној консолидацији (austerity)? Разуме се да фискалну консолидацију не можете објаснити нити разумети без разумевања тзв. Реганомикс и Великог експеримента.Осуђени на неуспех. Економија као слушкиња „политике“ (јасно је ваљда зашто сам ставио наводнике!)Политичари у затворениковој дилеми (без наводника).Ко има ухо да чује, нека чује!
Thomas Piketty and Jeffrey Sachs among signatories of letter urging world leaders at UK anti-corruption summit to lift secrecy
Sourced through Scoop.it from: www.theguardian.com