Economist criticizes "pathological allegience" to economic models

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"The crisis was born when Maggie Thatcher and then Bill Clinton deregulated the financial markets. The explosive force that was detonated was incalculable. Economics indirectly gave support because it provides models according to the motto: financial markets are never susceptible to crises. They can always operate optimally. The banks function like clockwork...

Our study group "Alternative Economic Policy" shows that such systems are prone to brutal crises - always afflicting those who had nothing to do with the crisis - and demonstrates models of coming out of this... In this situation of crisis, politics must successfully show alternatives and then make them into policy.

In the meantime, there is a gradual learninig process even in mainstream economics. Mainstream economics has been so widely criticized that people now understan d we need a new theory that gives special emphasis to a much clearer policy.

to read the interview with Rudolf Hickel published on dradio 4/13/2012, click on

http://portland.indymedia.org/en/2012/05/415740.shtml

demandside's picture
demandside
Joined:
Jul. 31, 2007 4:01 pm

Comments

Did someone say banks ?

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https://www.youtube.com/watch?v=tGk5ioEXlIM

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antikakistocrat's picture
antikakistocrat
Joined:
Apr. 18, 2012 3:41 pm

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