Monday, May 23, 2016

QUICK BITS No. 4

Eric Beinhocker, Execeutive Director of the Institute for New Economic Thinking, at Oxford University’s Martin School, posts (22nd May) HERE
“True Prosperity: Trickle-Down vs Middle-Out Economics The real history of economic growth”
Trickle-down economics may work in textbook economic theory with ivory-tower assumptions about perfectly rational people and perfectly efficient markets. But in the real world of politics and interests, it simply provides a cover story for rentier economics. It dresses up anti-market behavior in free-market rhetoric.”
Comment
Make time to download Eric Beinhocker's article and read it. 
Another dig at modern standard economics as it is taught today involving “perfectly rational people amd perfectly efficient markets” and a host of advanced mathematics. If medicine was taught and practised this way, who would be safe?

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