Wednesday, April 6, 2016

Never Let a Serious Crisis Go To Waste

The first chapter in Never Let a Serious Crisis Go to Waste focused on a critique of modern economists in the frame of the economic crisis of the two thousands. To be honest this reading was very technical and at times I was completely lost in the economics terms and references. Mirowski points to the under-appreciated role of academic economists in the aftermath of the crisis and their confusion and sometimes even mystification about what the reforming actions need to be to stabilize the economy. He compares the 2007 crisis to the Great Depression of the 1930's  and how action was taken to reform the entire banking system to prevent another crisis. Mirowski claims this brainstorming and application of reform has not taken place after the recent crisis. Even economists are seen to refer to the market as an almost mystical being whose reasoning and actions are not something that can be analyzed. Here is where I get confused, he claims a mixing of the neoclassical traditions and the neoliberal economic traditions. How can these traditions be melding together when they are supposedly so separate? Dr. Mirowski illustrates how the entire field of economics is becoming one that is very exclusive and that education taking part in universities is even more exclusive but how does this affect the economic system?

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