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The simple answer: Economics isn't a Science.

She believed in nothing; only her skepticism kept her from being an atheist. -- Jean-Paul Sartre
by ATinNM on Sat Mar 9th, 2013 at 02:02:48 PM EST
Still, papers get peer-reviewed. It's the scientific process that went missing there.

Earth provides enough to satisfy every man's need, but not every man's greed. Gandhi
by Cyrille (cyrillev domain yahoo.fr) on Sat Mar 9th, 2013 at 02:04:07 PM EST
[ Parent ]
Look - Henry George spawned a wave of populist reform. Mark overturned the course of history, and then Keynes dictated the policies of 2 generations of politicians across the globe. At that point, anyone with half a brain noticed that economic arguments carry immense political weight, and that this weight need not derive from underlying correctness of any given theorem.

Given this obvious insight, people with both an entirely intact brain, and quite considerable funds have made it their buisness to buy out economics.
This is not a secret.
The foundations and individuals doing this have webpages and disclosure lists.

And economics is not Physics. If you propose a theory which is in grave error, but which is pleasing to people who endow university chairs, lab experiment will not demonstrate your foolishness. Instead, the error gets perpetrated on the lives of millions, at a cost that makes all the colliders of the world seem very cheap.

Whenever you hear an economic argument look for the paymaster, and assume that you are being lied to. I would suggest that since Keynes seems to have been effective until the oil crisis, we ought to substitute away from oil by brute engineering force, and then try his policies again, because all economic thinking since his is drawn from a poisoned well.

by Thomas on Sat Mar 9th, 2013 at 02:39:41 PM EST
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Salon.com has this review article:

When neoliberalism exploded

And then we should not forget the Powell Memorandum.

by das monde on Sun Mar 10th, 2013 at 02:29:05 PM EST
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I would suggest that since Keynes seems to have been effective until the oil crisis, we ought to substitute away from oil by brute engineering force, and then try his policies again, because all economic thinking since his is drawn from a poisoned well.

Or perhaps we should add rents to the keynesian theories.

by kjr63 on Tue Mar 12th, 2013 at 12:08:30 PM EST
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He had rents in his theory. He proposed Euthanasia.
by generic on Tue Mar 12th, 2013 at 12:20:22 PM EST
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Thank you for the link. Perhaps Keynes had but not keynesians.

In that link Keynes correctly notes that rentier capitalism does not reward real risk any more than land rent. He talks about rent of capital (scarcity rent) not land rent. I'm still skeptical what Keynes had to say about land rent.

Anyway it looks like Keynes makes clear distinction between land and capital.

by kjr63 on Wed Mar 13th, 2013 at 01:19:48 PM EST
[ Parent ]
yep

(and I say that having a PhD in "economics" - although my dissertation does not have a single equation in it)

Wind power

by Jerome a Paris (etg@eurotrib.com) on Sun Mar 10th, 2013 at 08:40:26 AM EST
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