This is a response to an article on TripleCrisis: Global Perspectives on Finance, Development, and Environment on August 11, 2010. Link: http://triplecrisis.com/zombie-economics-financial-crisis-fails-to-kill-discredited-theories/ Article's title is "Zombie Economics: Financial crisis fails to kill discredited theories"
Your sarcasm and general emotionality makes it difficult to understand your points and argument. I only have a Bachelors of Arts in Economics but it would be good to involve American citizens in the debate (instead of just a battle of elite Economists) since they have the political vote. Also the more complicated your understanding of economics becomes, the more difficult it is for politicians to understand and explain what’s happening in the public sphere. So what consistently ends up happening is that Republican-Ayn Rand-free market ideas emerge as the dominant force on the political-economic landscape. Then Fox news and Rush Limbaugh can simplify economics to the point of absurdity and thereby inspire a massive, misguided, ignorant libertarian grass roots movement with a almost unquestioned faith in free markets. Tea Party members are even against the Wall Street bailout and willing to accept the consequences of that on the global market. It would have meant the extinction of the world as we know it.
I wish you had just said you wanted more government economic stimulus. My question to that is why is government fiscal stimulus not impacting credit availability to small businesses? Raj Patel in his recent books states he doesn’t understand why banks don’t get nationalized in America. If the postal service can be nationalized and still function efficiently with private competition, why can a government bank introduce fiscal responsibility in the financial sector?
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