Monday :: Dec 19, 2011

Speaking of the Market

by Mary

Things are frustrating these days because so much of the discussion from the Very Serious People consists of ignoring the facts in favor of conservative conventional wisdom. Such as parroting that Fannie Mae and Freddie Mac caused the subprime mess. That lie has been kicked around for years now, and is just as false as it was when originally put out there.

And the one about how the Market is the best way to manage the economy. But more and more people are questioning that premise because clearly it isn't doing too well these days in delivering an economy that works for the vast majority of people. Perhaps that is because not only is the Market not God, it might not even be real.

The Market may not even exist as a tangible entity, it may simply be a figment of the economists’ imaginations; a metaphysical/theological positing of equilibrium and harmony – a religious-like belief that somewhere out there is a Godlike Hidden Hand that ensures benevolence; in short: a primitive belief that real science did away with years ago.

Perhaps it's time to imagine a better way to manage the economy for the rest of us.

Mary :: 10:54 PM :: Comments (1) :: Digg It!