[The new Australian government, elected in September, has refused to do anything to help to retain car manufacturing in Australia, and all three manufacturers (GM, Ford and Toyota) have now announced they will close within the next 2-3 years.]
It’s amazing the Abbott government can run such a market-fundamentalist industry strategy, to general acquiescence, in the face of so much obvious evidence of the profound damage the same strategy has done to the USA.
The free-trade doctrine has seen US industry hollowed out, and industrial jobs exported en masse, as US corporations moved their plants to countries with cheap labour and few environmental constraints. The US used to have consistent trade surpluses, but since 1976 it has run enormous trade deficits that free-market policies have done nothing to reduce. The trade deficit leaves the US indebted to the world, and increasingly dependent on China, which holds the most US debt.
There is no sound basis at all, in economic theory or in practice, for expecting free markets to be beneficial, or harmful for that matter.
We should manage the economy the way we manage life, and always be aware that the best-laid plans might go awry.
More in my article in The Age today.
An article by Bob Douglas on the dire need for real political leadership prominently features Sack the Economists, along with a new book by prominent Australian economist Ross Garnaut, Dog Days: Australia After the Boom, the latter launched by prominent Liberal politician Malcolm Turnbull. Tony Abbot deposed Turnbull as Leader of the Opposition in 2009, winning by one vote, otherwise Turnbull would probably now be Prime Minister.
See Bob Douglas’ article in the Sydney Morning Herald here. It also appears in the Melbourne Age and the Canberra Times.
Sack the Economists can be downloaded free until 7 pm Thursday (AEDT). That’s until 8 am Thurs UK time and midnight Wed US Pacific time.
It is generating quite a lot of interest, being re-blogged, tweeted, etc. There’s even a Facebook page Campaign to Sack the Economists.
A Facebook page has been set up by a fan in Britain to promote a campaign to sack the economists:
Have a look.
A post on Real World Economic Review blog:
Non-mainstream economists are all-too aware of the failure of mainstream economists to anticipate, let alone avoid, the Global Financial Crisis and the ensuing Great Recession. The mainstream profession is also failing to fix the problem, and is actually making it worse.
It is hard to get alternative views heard, and the mainstream carries on almost totally unperturbed, despite being centrally responsible for a global disaster. This is of course extremely frustrating.
After reading yet another cri de coeur from yet another frustrated economist, I thought perhaps we need to spell out the message in all bluntness
Steve Keen has generously allowed me a guest post on his popular Debwatch website.
Readers of this blog will have encountered the idea that near-equilibrium neoclassical economic theory is irrelevant to dynamic, far-from-equilibrium, real modern economies, and that the body of theory built around the neoclassical assumptions is full of inconsistencies. You will also be familiar with the idea that money and debt play central, dynamic roles in modern economies.
Yet it can be argued there are other equally fundamental flaws in the broader stream of theory and practice that might be called mainstream economics.
– See more at: Debtwatch
By Sam Pizzigati
In plain yet powerful language, Pope Francis is challenging the givens of our deeply unequal world — and helping inspire resistance to it.
A new exhortation from Pope Francis offers a wide-ranging condemnation of the economic gaps that divide us.
Sometimes you don’t have to say anything “new” to make news. Consider, for instance, the “apostolic exhortation” the Vatican released last Tuesday.
This statement from Pope Francis, observers note, didn’t really break any bold new theological ground. But the Pope’s exhortation, the first all his own since he stepped onto the world stage last March, still made front pages the world over — and fully merited all that attention.
What makes this new papal statement so significant? No global religious figure has likely ever before denounced economic inequality with as wide-ranging — and as accessible — an assault.
The ebook Sack the Economists and Disband their Departments is now available.
Mainstream economists completely failed to anticipate the financial market crash of 2007-8. They then called it an unforeseeable event. This is a clear admission that they don’t understand how economies work. Yet many non-mainstream, marginalised economists gave clear warning of the approaching crash. This book shows how mainstream economics has not one but many fundamental flaws. It is not a science, it is pseudo-science. It lacks scholarly rigour and integrity. Once you understand this, it is not a mystery why the mainstreamers missed the approaching crash, nor why wealth is so unequally distributed, why we are so materialistic and unfulfilled, and why the planet is being destroyed. But modern knowledge and systems ideas reveal market economies to be self-organising systems, and they can be managed to support dignified livelihoods in equitable societies that can survive into the indefinite future, with nature thriving along with them.
See more at the book’s web site, including how to purchase your copy.
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