I was alive in the late 20th century, or at least I think I was. But somehow I missed the moment when “free market orthodoxy…achieved broad acceptance.” I never noticed it becoming the “prevailing intellectual paradigm.”
It’s an excellent essay. I wish he didn’t have to write it. I wish it would have some effect on the public debate.
To summarize, economists cannot be legitimate scapegoats because they have never been able to establish a “prevailing intellectual paradigm.” substantial enough to be blamed for economic results.
The pint was more that, inasmuch as there was an intellectual paradigm (there certainly is a ‘free market paradigm,’it was just not as dominant as its detractors believe), it never influenced policy enough to be to blame for the things attributed to it.
It’s not “economists” who are being scapegoated, it’s “free market extremism”, as promoted by a few economists.
As usual, whenever there is a mix of market and gov’t, there is gov’t failure — but elites, often rent-seekers or gov’t suck-ups in some way, blame gov’t failure on “markets”. Not their own failed plans.
Russ gives a good list of gov’t failures.
It’s sad so few economists are honest about it, including the mis-named Public Choice Theory folk, who are really Gov’t Failure writers unwilling to be honest about gov’t failures.
It’s not “economists” who are being scapegoated, it’s “free market extremism”, as promoted by a few economists.
As usual, whenever there is a mix of market and gov’t, there is gov’t failure — but elites, often rent-seekers or gov’t suck-ups in some way, blame gov’t failure on “markets”. Not their own failed plans.
Russ gives a good list of gov’t failures.
It’s sad so few economists are honest about it, including the mis-named Public Choice Theory folk, who are really Gov’t Failure writers unwilling to be honest about gov’t failures.
I thought it was Deja Vu
Again.
Oh wait, isn’t that women’s lingerie? Nightgown’s?
Or just another porn site?
(No free pass for me.)
Ironically, my earlier reply to your 2nd copy was removed (for good housekeeping presumably) but your identical post was left standing. I still think it was funny so:
I thought it was both funny and fitting giving the gov’t failure theme. Apparently higher powers that be don’t share my sense of humor 🙂
I thought so too! And think it’s even funnier that it was removed!!
And yet even more funny that I replied to IT, the removed comment, with my Deja Vu comment, which now follows my “original dup” (??) comment. Glad you repeated your comment.
Glad you repeated your comment
Glad you repeated your comment.
Glad in triplicate. It used to be done with carbon copies.
Often in triplicate.