Post by midcan5 on Sept 12, 2015 15:23:56 GMT -5
I thought this worth sharing.
"Indeed, as a neatly stylized discipline, economics has evolved into a corrupt, obfuscating and useless — nay, harmful — field of study."
'The Age of Finance Capital — and the Irrelevance of Mainstream Economics' by Ismael Hossein-Zadeh
"One such distinctive feature of the age of finance capital is that, freed from regulatory constraints, finance capital at this stage can and often does grow independent of industrial or productive capital. Prior to the rise of big finance and the dismantlement of regulatory constraints, the role of finance was considered to be largely greasing the wheels of the economy. Commercial banks consolidated people’s savings as bank deposits and funneled them as credit to manufacturing and commercial enterprises. Under these circumstances, where regulatory standards stipulated the types and quantities of investments that commercial banks and other financial intermediaries could undertake, finance capital largely shadowed industrial capital; they grew or expanded more or less apace."
www.counterpunch.org/2015/09/11/the-age-of-finance-capital-and-the-irrelevance-of-mainstream-economics/
[economists, economics, markets, finance, capitalism]
"A final word on politics. As in economics nothing is certain save the certainty that there will be firm prediction by those who do not know. It is possible that in some election, near or far, a presidential candidate will emerge in the United States determined to draw into the campaign those not now impelled to vote. Conceivably those so attracted - those who are not threatened by higher taxes and who are encouraged by the vision of a new governing community committed to the rescue of the cities and the impacted underclass - could outnumber those lost because of the resulting invasion of contentment. If this happens the effort would succeed." John Kenneth Galbraith 'The Culture of Contentment'
"Indeed, as a neatly stylized discipline, economics has evolved into a corrupt, obfuscating and useless — nay, harmful — field of study."
'The Age of Finance Capital — and the Irrelevance of Mainstream Economics' by Ismael Hossein-Zadeh
"One such distinctive feature of the age of finance capital is that, freed from regulatory constraints, finance capital at this stage can and often does grow independent of industrial or productive capital. Prior to the rise of big finance and the dismantlement of regulatory constraints, the role of finance was considered to be largely greasing the wheels of the economy. Commercial banks consolidated people’s savings as bank deposits and funneled them as credit to manufacturing and commercial enterprises. Under these circumstances, where regulatory standards stipulated the types and quantities of investments that commercial banks and other financial intermediaries could undertake, finance capital largely shadowed industrial capital; they grew or expanded more or less apace."
www.counterpunch.org/2015/09/11/the-age-of-finance-capital-and-the-irrelevance-of-mainstream-economics/
[economists, economics, markets, finance, capitalism]
"A final word on politics. As in economics nothing is certain save the certainty that there will be firm prediction by those who do not know. It is possible that in some election, near or far, a presidential candidate will emerge in the United States determined to draw into the campaign those not now impelled to vote. Conceivably those so attracted - those who are not threatened by higher taxes and who are encouraged by the vision of a new governing community committed to the rescue of the cities and the impacted underclass - could outnumber those lost because of the resulting invasion of contentment. If this happens the effort would succeed." John Kenneth Galbraith 'The Culture of Contentment'