Nobel Economics
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So, this year's prizegoes to:
Quote:Harvard’s Oliver Hart and Bengt Holmström from the Massachusetts Institute of Technology have won the Nobel Prize for economics for their research into contract theory. Their contributions have helped our understanding of the often conflicting incentives that operate in the contracts that enable cooperation between individuals, between employers and their workers, between governments, and which affect all of our lives.This may be a case of the dismal science doing something useful, since any system of contract and differing needs will always need some sort of negotiation and clear handling. The work also provides justification for a mixed economy
Quote:Simply put, if cost cuts hurt the quality of service then governments should provide the services. Hart’s work with Andrei Schleifer and Robert Vishny indicates that private contractors’ incentives for cost reduction are typically too strong. Moreover, if competition is ineffective the government should also provide basic services. Hart’s work can be generalised to other fields in the social sciences in which contracts matter.We would argue that services such as food, clothing and housing come within this ambit.
Well, that's good news. The key think, IMO, is to invalidate the still common acceptance of the efficient market hypothesis and the just world hypothesis. This nobel prize work does that for academic economist who study these things, but academic economist have long and far outpaced political economist in their thinking. the difficulty with creating a more mixed economy or even a socialist economy has long been the manufactured consent and marginalization of dissent practices in america. In other words the people who benefit from bad capitalism are the ones who get to set policy and make laws and influence media. there's a branch of economic theory called institutionalism that might interest you. https://en.wikipedia.org/wiki/Institutional_economicsand a political thoery that called political called institutionalism, that doesn't actually approach communism, but seems to go off on a tangent that makes it farther away from capitalism than from socialism. https://en.wikipedia.org/wiki/Institutional_economicsInstitutionalism might be a path forwards for democracies that avoids the negative associations of communism in the media and the populace of capitalist society.
As Karl Marx said: Economist are just the gendarme of the capitalist society,( and he also said that bourgeois economics is just a trash,) and that is what they are.An Economist known as Richard Wolf he has said that he never learned anything about real Economics until he read the economic works of Karl Marx.It was also proven that during the economical crisis of 2008 most Economists have to grab Marx Capital in order to understand the crisis, and many bookstores shelf got empty. They do not even know why the society that they defend must go into crisisFriedman received a Nobel Frize for his faithful works favoring the capitalist class, and most of his ideas were taken into practice in Chile during the dictatorship of Augusto Pinochet, and the implementation of his ideas produced large profits for the Chilean ruling class and the US capitalist class.A criminal and a terrorist known as Henry Kissinger received a Nobel Prize for his service provided to the ruling class of the USA, and at the present time there are more than 200 criminal filing against him, and there are several countries around the world who has issued arrest warrant against him. In some places in Latin America they have a rope ready for him
mcolome1 wrote:As Karl Marx said: Economist are just the gendarme of the capitalist society,( and he also said that bourgeois economics is just a trash,) and that is what they are.Wasn't Karl Marx an economist?
Steve-SanFrancisco-UserExperienceResearchSpecialist wrote:mcolome1 wrote:As Karl Marx said: Economist are just the gendarme of the capitalist society,( and he also said that bourgeois economics is just a trash,) and that is what they are.Wasn't Karl Marx an economist?
Karl Marx was referring to the bourgeois economists. Das Capital is a critique to the capitalist economy, or political economy. A book on Economic written by Samuelson and Galbraith is not the same as Capital. Probably Marx was more of an Anthropologist than an Economists or a Philosopherhttp://www.worldsocialism.org/spgb/socialist-standard/2000s/2005/no-1216-december-2005/argentinas-worker-run-factories-what-nexthttp://www.worldsocialism.org/spgb/socialist-standard/2010s/2013/no-1311-november-2013/karl-marx-anthropologist PS You should listen to Richard Wollf about his education on Economic at Harvard and Yale. He just learned Econometric, in some universities Economics is taught at the Department of Social Sciences and at the Department of Business Administration. Harvey at NYU has a class on Marx's CapitalCommunism is not going to be an economical system, it is going to be a social production. The book written by Comrade Adam Buick would provide you a much better description about the capitalist economy, or the one written by Peter Hudis from Marxism-Humanism
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