tag:blogger.com,1999:blog-8512022050229968490.post6065783928485389226..comments2024-03-27T22:53:00.759+01:00Comments on A Hippo On the Lawn: Official: Wonkers Run the Country!Hippohttp://www.blogger.com/profile/09468795398813061897noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-8512022050229968490.post-77969809228433644652012-01-19T21:19:12.502+01:002012-01-19T21:19:12.502+01:00When I taught economics (at the high school level)...When I taught economics (at the high school level), the first thing I would tell them is that it is a pseudo-science. I would then tell them that it tries to describe the world in a certain way, and that it is about choices. Then, I would tell them that knowing the ideas was vital, but the terms were made up to make econ. look like a science. <br /><br />And Lilicos is a wonker with an "a". Childish? Yes; but no more so than that article he wrote. Big words don't make maturity - hell, all my students knew a whole slew of big words. <br /><br />As for his defense, all I can say is: awkward.Joshhttps://www.blogger.com/profile/05409883521642115031noreply@blogger.comtag:blogger.com,1999:blog-8512022050229968490.post-3543226317771121542012-01-02T10:36:17.467+01:002012-01-02T10:36:17.467+01:00Many thanks for the interesting read - I wanted to...Many thanks for the interesting read - I wanted to post a reply sooner, but I’ve had to bounce children almost continuously for the last week. Bah! Humbug! By the way, did you get my email?<br /><br />I think a lot of talk pertaining to economics generally and finance specifically is designed to be dry and opaque. When I analyse such texts with my students the first reaction is apathy. However, when we cut through the fluff and distill the ideas a little, the students are fascinated (or at least that’s what they tell me). They understand how economics shapes everything in our world, but because it is so damn boring they prefer to leave it to others to figure out. When I point out that doing this makes them a mere passenger in their own lives, they ask what choice they have. <br /><br />If more people had an inkling of what is going on in the City and on Wall Street the system would be forced to change (take a look at http://www.amazon.com/Treasure-Islands-Uncovering-Offshore-Banking/dp/0230105017/ref=sr_1_4?ie=UTF8&qid=1325495260&sr=8-4 for a brilliant exposé of tax havens as an example of how the market has been distorted by large corporations). You might also enjoy the short video at www.crisisofcredit.com<br /><br />I’m a liberal capitalist in the sense that I think everyone should have equal access to information and markets and the freedom to make decisions for themselves (and live with the consequences) within a regrettably necessary tight regulatory framework. However, what we have now is a distortion of the system. How can I as an individual possibly compete with Goldman Sachs when trying to optimise my investments? Theoretically we have access to the same information and markets, but that just sounds like a bad joke. Maybe I could hire them to do the job for me, but then we hear stories about how Goldman Sachs bet against their own customers. If a large bank is threatened with bankruptcy, they get money from the government. How is it that these bailouts were passed so quickly? I’m sure a large part of it is to do with the fact that many people don’t know the difference between millions, billions and trillions. How can it be that after a crash in 2008 that threatened our entire way of life we are already back to business as usual with an even bigger crash looming? Why don’t more people realise that if a company is too big to fail, it is simply too big? It always amuses me that defenders of the status quo describe themselves as capitalist, whereas what they actually want is to centralise power - not to government perhaps, but to big business. That is the very antithesis of true capitalism. <br /><br />It also destroys democracy. If everything is privatised and government’s role removed, what is the point in voting when the government no longer has any relevance? Sure, I could buy shares in my electricity provider, but I think this stealth disenfranchisement by means of unnecessary complexity and asset-stripping of the government is very dangerous. We are then mendaciously offered referenda on everything, overthrowing centuries of our tried-and-tested system of using elected representatives to make these decisions. What possible use is a referendum on intricate aspects of fiscal policy when a sizeable percentage of the population can’t read a bus timetable? Besides, the referendum is never about the question. It is actually a confidence vote in the government of the day.<br /><br />Sorry about that. I feel a bit better now - I think I needed to get that off my chest. I hope you disagree with everything so that I get the opportunity to release even more frustration.Henrynoreply@blogger.com