Saturday :: Jan 14, 2012

The Austerity School of Economics


by Mary

Those who preach austerity are blinded by their ideology and they've been around for a long time. Via Mark Thoma, we find that Keynes identified the worldview that drives the ideology of the austerity crowd.

That [demand denial theory] reached conclusions quite different from what the ordinary uninstructed person would expect, added, I suppose, to its intellectual prestige. That its teaching, translated into practice, was austere and often unpalatable, lent it virtue. That it was adapted to carry a vast and consistent logical superstructure, gave it beauty. That it could explain much social injustice and apparent cruelty as an inevitable incident in the scheme of progress, and the attempt to change such things as likely on the whole to do more harm than good, commanded it to authority. That it afforded a measure of justification to the free activities of the individual capitalist, attracted to it the support of the dominant social force behind authority.

The English thought the potato famine was a perfect time to let the Irish starve because charity would make them weak and dependent. There is something cruel and mean in the hearts of the plutocrats that demand they never give up a bit of their profits while justifying the economic mess they made.

Mary :: 12:45 PM :: Comments (0) :: Digg It!