Posts Tagged 'economy'

Capitalist Economists

William Gropper, "Black Thursday"

William Gropper, "Black Thursday"

In the June issue of the Monthly Review sociologist Richard York, et. al. explain:

Bouchaud penetratingly observes, “The supposed omniscience and perfect efficacy of a free market stems from economic work done in the 1950s and 1960s, which with hindsight looks more like propaganda against communism than plausible science.” The capitalist ideology that undergirds economics in the United States has led the profession to be detached from reality, rendering it incapable of understanding many of the crises the world faces. Mainstream economics’ obsession with the endless growth of GDP—a measure of “value added,” not of human well-being or the intrinsic worth of ecosystems and other species—and its failure to recognize the fundamental ecological underpinnings of the economy, has led to more than simply an inability to perceive the deterioration of the global environment. In fact, the problem goes much deeper. Orthodox economics, like the capitalist system that it serves, leads to an “Après moi le déluge!” philosophy that is anything but sustainable in orientation.

Sources

Bouchaud, Jean-Philippe.  “Economics Needs a New Scientific Revolution.” Nature 455 (October 30, 2008).  Quoted in “Capitalism in Wonderland.”

York, Richard, et. al.  “Capitalism in Wonderland.”  Monthly Review.


Archives

My Tweet Ramblings

  • RT @jfagone: Good news: San Francisco just announced they’re ramping up testing for the city’s healthcare workers and will open drive-thru… 2 days ago
  • RT @RadReflections: On this day in 1871, the Paris Commune first opened for official business. A brief blossoming of proletarian state pow… 1 week ago
  • Under capitalism, if your poor, you don't get access to water. "Almost 90 cities and states across the US have sus… twitter.com/i/web/status/1… 2 weeks ago
  • RT @prwc_info: This is Macario Sakay. He fought alongside Andres Bonifacio against Spanish colonization and led the Philippine-American w… 4 weeks ago

My Internet Ramblings