Posted by: quiscus | June 30, 2012

June 30, 2012

1. “Mainstream Economics is a Cult

Neoclassical Economics Is Based on Myth

Neoclassical economics is a cult which ignores reality in favor of shared myths.

Typical of this now widespread attitude is the textbook Microeconomics by William Vickery, winner of the 1997 Nobel Economics Prize:

“Economic theory proper, indeed, is nothing more than a system of logical relations between certain sets of assumptions and the conclusions derived from them… The validity of a theory proper does not depend on the correspondence or lack of it between the assumptions of the theory or its conclusions and observations in the real world. A theory as an internally consistent system is valid if the conclusions follow logically from its premises, and the fact that neither the premises nor the conclusions correspond to reality may show that the theory is not very useful, but does not invalidate it. In any pure theory, all propositions are essentially tautological, in the sense that the results are implicit in the assumptions made.”

Such disdain for empirical verification is not found in the physical sciences.”

http://www.washingtonsblog.com/2012/06/mainstream-economics-is-a-cult.html

2. “Tea Party “treason”

What powers should the president have against those who advocate open, violent revolt against the U.S. government?”

http://www.salon.com/2012/06/29/tea_party_treason/

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