Zombie economics
by John Quiggin · first published 2010
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"In the Graveyard of economic ideology, dead ideas still stalk the land. The recent financial crisis laid bare many of the assumptions behind market liberalism--the theory that market-based solutions are always best, regardless of the problem. For decades, their advocates dominated main stream economics, and their influence created a system where an unthinking faith in markets led many to view speculative investments as fundamentally safe. The crisis seemed to have killed off these ideas, but they still live on in the minds of many--members of the public, commentators, politicians, economists,
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…is grounded in von Mises Praxeology, and its axiomatic refutation of empiricism. You state that there is no feedback in markets. No, I do not. The efficient-market hypothesis is bunk. See Quiggin, Zombie Economics. Full chapter on the topic.
on “Technology and Wealth Inequality” ↗…exactly about that! Some of them actually authored by Economics Nobel Prize winners ;) Here: "Arguing with Zombies: Economics, Politics, and the Fight for a Better Future" by Paul Krugman (2020) "Zombie Economics: How Dead Ideas Still Walk Among Us" by John Quiggin (2010) Bonus: "Predictably Irrational" by Dan Ariely - 2008 "The Myth of the Rational Market" by Justin Fox - 2009 "The Black Swan" by Nassim Nicholas…
on “Money lessons without money: The financial literacy fallacy” ↗> In an efficient market without monopolies there's no such thing as rent seeking Seriously, read Zombie Economics (http://press.princeton.edu/titles/9270.html)
on “The Rent Is Too Damn High: The Enormous Cost of Letting Finance Rule” ↗…avoid the worst." I agree with you entirely, that democracy is the best type of government available at the moment, but that is faint praise. >"The efficient-market hypothesis is bunk. See Quiggin, Zombie Economics. Full chapter on the topic." I doubt we will ever agree on this, and I accept that there are a number of valid criticisms of EMH; but if the market is inefficient, some people should be able to find…
on “Technology and Wealth Inequality” ↗