Comment at TRNN. Economist Bill Black was discussing union membership in the U.S. and along the way, mentioned conventional economics does not explain today's economy:
"…that's far worse than
simple inequality… economists really can't explain with conventional economics
how this is occurring... that's of course because their economic theories are
falsehoods... They're basically cover stories for laissez-faire..."
The most important take home message of the segment: orthodox economic theory is wrong. If economists were responsible [social] scientists, they would go back to the drawing board, re-examine the data, develop better models/theories and test them as rigorously as possible.
It's striking how outright wrong economic theory is used to justify government policy that's bad for most people compared to how well validated science (climate change, theory of evolution) is demonized and ignored to the detriment of most people. [Climate change is validated by annual record breaking heat records of the recent 2 decades, increasing droughts & flooding and stronger hurricanes. The Theory of Evolution is supported by a wealth of biological, geological and paleontological data. The success of modern medicine also validates evolution: medicine is based on animal studies which are informative because they are evolutionarily related to humans; otherwise, there would be no way to justify the research.]
Name of segment: Low Rate of Unionization in US Consequence of Deregulation
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