Wednesday, April 21, 2010

the problem with economics


Compare and contrast these two articles. The first has the rather excellent Joseph Stiglitz taking neoliberal economics to the cleaner. However, whilst penning the article, Joe doesn't seem to have noticed the substantial pachyderm sharing the room with him. The colour, shape and smell of this animal is detailed in the second article by someone called Christopher Doll: I refer, of course, to the irrational obsession of mainstream economists with growth.

It is remarkable that someone of Stiglitz' Nobel-Laureate stature does such a splendidly detailed job of picking apart economists' failures whilst completely failing to confront this most absurd of their convictions.

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