How economics has contributed to 'a mirror image of a Robin Hood society', according to someone who won its highest prize
www.abc.net.au
A Nobel Prize-winning economist has criticised the foundations of mainstream economics, writes Gareth Hutchens.
  • PeepinGoodArgs@reddthat.comEnglish
    7·
    8 months ago

    His criticism of economics is why I hate the discipline. And the wrongful view has seeped deeply into American decisionmaking.

    A lot of regulation specifically meant to improve health, is opposed on the economic theory that it’s harmful to consumers. Glenn Beck encouraged older Americans to go out and continue to work at risk to save the economy during the pandemic. The climate change discussion has been derailed by dishonest politicians and policymakers that claim the transition is too expensive, either society or individuals, while exacerbating the problem. Even now, many American politicians focus purely on reducing government expenditures, specifically social programs, rather than raising tax revenue to address the federal deficit despite the fact that the best economic times in America for consumers had high tax rates.

    Finally, assuming another Trump administration is actually a threat of authoritarianism, the fact that Americans fondly remember the economy under Trump as compared to Biden’s should be inconsequential. A good authoritarian economy is worse than a bad democratic economy because having your political autonomy taken away precludes economic autonomy.

    People are subservient to the economy. And it pisses me off seeing all these homeless people in my city whenever I go out, standing sadly on a street corner, with one who had a sign that read “Spread some cheese on this cracker”, while the median home listing price is $799K and the cost of living is high af.

    • ☆ Yσɠƚԋσʂ ☆OP
      44·
      8 months ago

      The term “efficient” is often misinterpreted as a universally positive concept, synonymous with progress and prosperity. However, in the context of capitalist economies, it can be deceiving. What appears to be efficient - i.e., maximizing profits for a select few - is actually exploitative and harmful to the masses. In capitalist systems, efficiency is measured by how quickly and effectively resources are allocated and utilized to create wealth for a select few at the top of the social hierarchy. This results in the marginalization and exploitation of the majority, leading to widening income inequality, job insecurity, and a general lack of stability for those outside the elite class.