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Living standards have gone down and life has become much more economically insecure for most working people as a result of the policies that economists recommen

Living standards have gone down and life has become much more economically insecure for most working people as a result of the policies that economists recommend. This includes globalization, free trade, low taxes, destruction of labor unions, and the like. The authors support these policies. These changes have been accompanied by a political system that no longer represents the left behind. So of course the losers are not compensated; that is by design, not accident. I think we have the choice to either become more equal or face increasing political instability and viciousness - and the latter is more likely, witness Trump, Brexit, etc. I have lost respect for economic analysis because it has been so out of touch with political and social consequences as to be hugely destructive to the fabric of society. Much more of this and I hate to see what will become of our society.

devonkim 7y ago
Economists have not necessarily been blind to social needs - policy makers and politicians benefiting from a revolving door of oligarchs enabled by various institutions culturally stationed to manipulate a larger population into working under these few for smaller and smaller pieces of power. Milton Friedman made it quite clear that a free market doesn’t provide a social safety net in any way and that a population that doesn’t succeed in the market should need some basic way to survive or we’s face huge social unrest. While America had social security and Medicare early on, we’ve dismantled their efficacy with a toothless, captured government while private sector has gained in power enormously in the form of multinational corporations the Founding Fathers all distrusted (they were no fans of the British East India Company). I think we’ll have one or two more larger scale revolutions before people around the globe learn that consolidated power of any sort whether it comes from religions, the public masses (populism), government, corporations, or perhaps even science is dangerous.

devonkim 7y ago

Economists have not necessarily been blind to social needs - policy makers and politicians benefiting from a revolving door of oligarchs enabled by various institutions culturally stationed to manipulate a larger population into working under these few for smaller and smaller pieces of power. Milton Friedman made it quite clear that a free market doesn’t provide a social safety net in any way and that a population that doesn’t succeed in the market should need some basic way to survive or we’s face huge social unrest. While America had social security and Medicare early on, we’ve dismantled their efficacy with a toothless, captured government while private sector has gained in power enormously in the form of multinational corporations the Founding Fathers all distrusted (they were no fans of the British East India Company). I think we’ll have one or two more larger scale revolutions before people around the globe learn that consolidated power of any sort whether it comes from religions, the public masses (populism), government, corporations, or perhaps even science is dangerous.