Friday, August 08, 2008

Some Few Top Economists Do Get It!

This morning (8 August) I read a quite remarkable piece (i.e., in good sense in the usual sea of nonsense I endure from the world’s mainstream press): ‘Killing the myth that Ireland's wealth has poisoned its values’, from the Irish Times by Michael Casey, former chief economist of the Central Bank and a member of the board of the International Monetary Fund.

To quote bits from Michael Casey’s article would be literary vandalism; it’s worth much more than that, so read all of it HERE:

Before you do, a reference to Adam Smith, the litmus test for any economist worth reading (the other kind fail the test miserably):

There is also the "greed-is-good" concept which is actually more a Hollywood invention than anything to do with poor, misinterpreted Adam Smith or run-of-the-mill capitalism.”

No comment is necessary for regular readers of Lost Legacy – new readers may scroll through the archives. So don’t delay, get over to Michael Casey in the Irish Times HERE:


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