Thread: Occupy Econ 101

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  1. #1 Occupy Econ 101 
    Sin City Moderator RobJohnson's Avatar
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    Remember the walkout of students from their Principles of Economics class at Harvard a couple of years ago in solidarity with the 'Occupy" movement? They thought that the economics they were being taught was doctrinaire, failed to provide a balanced perspective on the real existing economy, and did not show sufficient empathy for the 45 million people living in poverty. No wonder, the economics being taught on blackboards in most classrooms makes it appear as though markets descended straight from heaven while maintaining a conspiracy of silence on the Achilles heals of free markets such as not paying sufficient attention to safety, not caring enough about the environment, and being indifferent to the welfare of future generations.

    John Cassidy reported recently in The New Yorker that a group of students in 16 countries are pushing back on the arrogance of mainstream economists and are demanding that a more realistic economics be taught with fewer abstractions, less emphasis on mathematical methods of problem solving, and more attention devoted to the plight of the real-world economies.

    In mainstream classrooms free markets become God's gift to humanity, government is the boogeyman, and taxation is a burden on society's well-being. But such claims are bogus! Taxes are used to finance schools, basic research, and infrastructure and markets go haywire without adequate government backstop as the recent "mother of all financial crises" so amply demonstrated. But teachers of Econ 101 are immune to such evidence. After all, the models work perfectly well on the blackboard.
    http://www.huffingtonpost.com/john-k...b_5482680.html


    What do you think? Would we fail without our current levels of taxation?
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  2. #2  
    Senior Member DumbAss Tanker's Avatar
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    The Saturday morning talking heads on Fox Business who go orgasmic over free markets are too over-the-top, it's true that quite a bit of government backstop is necessary to make those free markets work, in several particular areas - transportation and utility infrastructure, fire and security, public safety like licensing drivers, basic research that doesn't have a calculable ROI, and very long-term/slow pay-off necessary functions like public schools. Most of them are so NYC-centric that they have no idea that people in Idaho, the Ozarks, or West Virginia don't have cabs cruising by or bicycle package runners, in their own way they are as foolish and tunnel-visioned as the idiots on the Left, just in a different direction.

    That said, and as lopsided as their views are, they still look like geniuses compared to a bunch of students who have not yet got the skills to work in their chosen field, but think they should dictate what is 'Appropriate and relevant' content that their betters should be made to teach to them. It virtually guarantees failure in life later, since the people who would actually pay for their mushy, unquantified economic advice would be able to come up with their own mushy, unquantifiable economic judgments which would render the graduates of such a program redundant. I got a hoot out of this line:

    John Cassidy reported recently in The New Yorker that a group of students in 16 countries are pushing back on the arrogance of mainstream economists and are demanding that a more realistic economics be taught with fewer abstractions, less emphasis on mathematical methods of problem solving, and more attention devoted to the plight of the real-world economies.
    ...I can't imagine how the garbage these yutes want to be taught could conceivably involve "Fewer abstractions" than real economics, the touchy-feely 'What-if' extended social and generational cost of everything is nothing but abstractions.
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  3. #3  
    Sin City Moderator RobJohnson's Avatar
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    I don't understand how students think they are going to change anything by walking out of a classroom in solidarity. Especially if that solidarity is with the OWS group that is sleeping in the park. Wouldn't they get their Harvard jackets soiled?

    I agree with you about some of the Saturday morning talking heads on Fox and Fox business as we all know that their businesses depend on streets, highways, interstates, etc. to make it.
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  4. #4  
    Power CUer NJCardFan's Avatar
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    Quote Originally Posted by RobJohnson View Post
    http://www.huffingtonpost.com/john-k...b_5482680.html


    What do you think? Would we fail without our current levels of taxation?
    No we would not. Stealing from group and giving it to another is no way to run a free country. The current levels of taxation are drawn from the Communist Manifesto. Progressive taxation. An ideology that has failed time and time again. Progressive taxation never brings anyone up, it only drags others down.
    The Obama Administration: Deny. Deflect. Blame.
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  5. #5  
    eeeevil Sith Admin SarasotaRepub's Avatar
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    And let me guess, all these yutes would of course want an A

    cause it wouldn't be "fair" otherwise and a D might hurt some ones self esteem...
    May the FORCE be with you!
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  6. #6  
    Sin City Moderator RobJohnson's Avatar
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    Quote Originally Posted by SarasotaRepub View Post
    And let me guess, all these yutes would of course want an A

    cause it wouldn't be "fair" otherwise and a D might hurt some ones self esteem...
    They all simply want participation trophies. Keeping score is so 80's.
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