Motivated reasoning (bullshit) dominates political life and always has. But in terms of the sheer amount of bullshit, elite discussions of economic policy and performance run a close a second.
This is not surprising in so far as economic policy can never be separated from politics, and there is no end to the lipstick that can be applied to our manifestly unfair economic pig. We understand of course that economic policy decisions (or non-decisions with no policy changes) largely determine who the winners and losers will be. There's a lot at stake, which is why there is so much bullshit where the economy is concerned.
In economics, people have a tendency to defer politicized economic "experts" who have managed to hoodwink the public so completely that—in my lifetime—there has been virtually no organized opposition to the theoretical voodoo which underlies their policy recommendations. Those recommendations always uphold the status quo (more rigged trade agreements) or nibble around its edges (raising the Federal minimum wage).
This year there has been some organized "populist" opposition to status quo policies, though that opposition has been simplistic or incoherent for the most part. Still, economist Ha-Joon Chang wants the public to take on the economic experts, much as I have done on this blog to absolutely no effect.
Economics is for everyone, argues legendary economist Ha-Joon Chang in our latest mind-blowing RSA Animation. This is the video economists don’t want you to see!
Chang explains why every single person can and SHOULD get their head around basic economics. He pulls back the curtain on the often mystifying language of derivatives and quantitative easing, and explains how easily economic myths and assumptions become gospel. Arm yourself with some facts, and get involved in discussions about the fundamentals that underpin our day-to-day lives.
There's obligatory hope in that youtube message and at the end of the video, but this video is definitely worth watching for everything that comes before. There's also a longer lecture version without the animation.
Chang's books are excellent.
thanks for the link to his lectures
Tony
Posted by: Tony Noerpel | 10/01/2016 at 03:42 PM