Believing it important to also read the people you disagree with, not an article goes by where I don’t cringe at the opinions of Paul Krugman, as leading voice of the NYT Keynesian economic establishment.
In his September 28 New York Times blog post, Paul Krugman announced that “economics is not a morality play.” That turn of phrase is his way of defending the idea that in unusual times, such as the sort of deep recession we are in, we can get strange relationships between economic cause and effect. The result is that actions which we might find highly distasteful can have positive effects. Thus we cannot afford to be overly concerned with morality if the goal is to get out of the recession (Read Full Article)
Funny, since the lack of concern for morality is what got us here in the first place!
Posted by: Eileen | October 13, 2010 at 01:41 PM
Yes Eileen, it does seem the only rules that matter in the Big Economy are 1.) Can I make a buck from it and 2.) Can I get away with it? And how moral is it for a small group of private interests to have the absolute, unchecked power to create more "money" in a keystroke from out of nothing than a person works for in his entire life, and then use the state's monopoly of force to enforce debt ownership and interest through tax collection on that "money"? So no, the economy is not morally neutral and is rotten at the core because of its something from nothing essence. I will argue with the Keynesians to my death bed on this simple, but profound point.
Posted by: Admin | October 14, 2010 at 07:23 AM