http://andrewsullivan.theatlantic.com/the_daily_dish/2009/07/why-did-economics-fail-us.html#more
The real danger in economics is that much of it's application - in my eye - appears to be treated as if it's in a bubble. Free-marketeers took the ideas of free-markets in black and white ignoring the caveats, and conditions that affect a markets ability to function pefectly. Fact is - as economics is taught - academics don't believe, and don't teach, market infalibility, and that some degree of regulation is needed. Markets, it seems, are run by people. People as we all know are not perfect, and will seek, and have sought, to manipulate and control markets.
I can't paraphrase it to do it justice. The entire article is here:
http://www.economist.com/printedition/displayStory.cfm?Story_ID=14031376
No comments:
Post a Comment