Tag Archives: free market fundamentalism

The Unrealism of Economics: Ronald Coase

Sorry if I am a bit focused on economics but there is a very good article in Real World Economics today: Coase and Reality by Peter Radford https://rwer.wordpress.com/2015/05/03/coase-and-reality/ “In his introduction to a collection of his own work, Ronald Coase … Continue reading

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Rational Expectations Theory: the Flawed Core of Free Market Fundamentalist Economics

Ah the economists continue to wake up and get a bit more rational. This is a parody of what is called “Rational Expectations Theory”, which is not rational, tells you nothing useful about expectations, and has no testable predictions so … Continue reading

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The Delusion at the Core of Orthodox Free Market Economics by Peter Radford

I don’t normally bother my readers with theoretical orthodox economics because so much of it is delusional. But here is a short piece on this delusional nature from today’ Real World Economics, specifically on if the price mechanism is so … Continue reading

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Free Market Fundamentalism: Top Ten Failings

Like any fundamentalism, Free Market Fundamentalism is necessarily involved in a profound denial of many aspects of reality. What is worse for us all, is that since around 1980 we have been all involved in a massive experiment to see … Continue reading

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Peak Oil and Other Peaks

‘The 2008 crude oil price, $147 per barrel, shattered the global economy. The invisible hand of economics became the visible fist, pounding down world economic growth to match the limitations of crude oil production.’ Kenneth Deffeyes (Petroleum geologist) Richard Heinberg’s excellent new … Continue reading

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Is there Any Hope for the US Economy?

I was tempted to blog on the current state of US politics and economics and then Peter Radford over at Real World Economics saved me the trouble: I suppose we should start to ask the obvious questions. I read a … Continue reading

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