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Thoughts from the Frontline

Where’s the Growth?

September 21, 2014

In 1633 Galileo Galilei, then an old man, was tried and convicted by the Catholic Church of the heresy of believing that the earth revolved around the sun. He recanted and was forced into house arrest for the rest of his life, until 1642. Yet “The moment he [Galileo] was set at liberty, he looked up to the sky and down to the ground, and, stamping with his foot, in a contemplative mood, said, Eppur si muove, that is, still it moves, meaning the earth” (Giuseppe Baretti in his book the The Italian Library, written in 1757).

Flawed from its foundation, economics as a whole has failed to improve much with time. As it both ossified into an academic establishment and mutated into mathematics, the Newtonian scheme became an illusion of determinism in a tempestuous world of human actions. Economists became preoccupied with mechanical models of markets and uninterested in the willful people who inhabit them….

Some economists become obsessed with market efficiency and others with market failure.…

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David Dale

Sep. 21, 3:10 a.m.

Governments’are for ensuring a level playing field and proper conduct????!! Well, they ave failed that so spectacularly, that perhaps we are living in a parallel universe of bizarre and unpublished meanings to words…...............I can’t believe they have got away with it for so long, unless in reality, we are already enslaved and mind drugged.
Why Krugman et al, still want to make us believe their nonsense, and are still being published and allowed to spout their rubbish, is beyond the pale, and anybodies guess. We know they have been bought and paid for via the pork barrel politics and bribes from public funds. Integrity seems to have gone down the swanee.

Sep. 21, 2:19 a.m.

Thank you for this article.  Thought about writing an economics textbook?!

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