The Austerity Racket

They always spell “austerity” wrong. It should be spelled “extortion”. When financial barons bully the government into submission, they call it “austerity”. When the mafia bully the corner grocery store into submission, it’s called a “protection racket”. You know the story. “Wouldn’t it be a shame if your nice little store got too close to… Continue reading The Austerity Racket

Elinor and the Fake Tragedy

You’ll find few prominent woman economists. It’s an Old Boys’ Club from way back. You’ll find even fewer female economists winning the Nobel Prize in Economics — like none. None until Elinor Ostrim, that is, in 2009. But she was no ordinary economist. She took on the old boys right where it hurt. She debunked… Continue reading Elinor and the Fake Tragedy

Complexity Theory – On the Outside Looking In

I may sometimes give the impression that only mainstream economics exists, and that I’m the only rebel. Far be it from me to suggest that. There are many other economists, much more accomplished than I, who are working on alternative approaches. The problem is, they’re frozen out of the mainstream. I’ll talk about complexity theory… Continue reading Complexity Theory – On the Outside Looking In

Don’t Blame Prof. Smith

Adam Smith, the Scottish Presbyterian minister and professor at Glasgow University in the 18th century, is often called the father of modern Economics. But he wasn’t an economist. He was, first and foremost, a moral philosopher, who wrote a book about political economy (as it was called for centuries) on the side. His more important… Continue reading Don’t Blame Prof. Smith

Don't Blame Prof. Smith

Adam Smith, the Scottish Presbyterian minister and professor at Glasgow University in the 18th century, is often called the father of modern Economics. But he wasn’t an economist. He was, first and foremost, a moral philosopher, who wrote a book about political economy (as it was called for centuries) on the side. His more important… Continue reading Don't Blame Prof. Smith