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.”
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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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