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View Diary: Living in the Age of Magical Austerity Thinking (10 comments)

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  •  A Singular (2+ / 0-)
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    Delirium, Marie

    failure of Neo-Classical Economics, in it's popular version, is its inability to distinguish between the real, micro-economic, consequences  of one person making a billion dollars a year and 22,222 people making $45,000 a year.  

    To be fair, some Neo-Classical economists, Krugman being the poster child, do 'get' this.  however, they are being ignored at the Decision Making level while Bernacke,  et. al., go their merry way instituting policies favoring the one over the twenty-two thousand two hundred and twenty-two.

    How an economy based on mass consumption of mass produced goods and services can continue when the mass of consumers ain't got no money escapes me ... but then I don't believe in Invisible Pixies (Market Forces) spreading (Hidden Hand of the Market) Fairy Dust (lowering micro-economic inputs increases consumer activity) from Magic Ponies (as stated, above .)

    I'm silly that way.

    "...[one] must still have Chaos in oneself to be able to give birth to a dancing star." Nietzsche

    by ATinNM on Sun Aug 28, 2011 at 11:01:10 AM PDT

    •  Krugman is "Neo-Classical" ??? (0+ / 0-)

      What ?

      Since when is he a Fresh Water guy ?

      Did I miss something ?

      Angry White Males + Crooks + Personality Disorder psychos + KKKwannabes + "Unborn Child" church folk =EQ= The Republicans

      by vets74 on Sun Aug 28, 2011 at 06:03:50 PM PDT

      [ Parent ]

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