Environment not simple enough for classic. Classic Econ must ignore environment to function. Neoclassical Free benefits ozone corral reefs. Benefit from without creating. Then hurt many of these without paying them cost. Spillover effect. Don’t pay for negative affects of production. No cba of pollutionDice, fund predict cost of environment.
Revealed preference Travel cost to get to landmarkLives in poor country worth less. Not account for future lives and their choices. Discount rate. Cause $1,000 damage. Cause $1,000 each year. More important as time goes on.
Rethinking Economics- Econ needs to be a public dialogue. 9 view. Old neo, neo,Marx, feminist, evolutionary, environmental, post-kensian, classical, Austrian, institutional
GDP England since 2014 counts drug dealing and prostitution in GDP 10 billion pounds added. 2.6% growth. Spain increased $26.2 billion.
Aims or goal of economy. We not asked or able to discuss which measure. Which measure to valve is a political decision. We are not asked. Care work still not measured covered valved. Also makes it difficult to evaluate how we doing on relation. Turn over to experts. Leave decisions to those who know best. Universities train these experts. Nations markets, companies.
Many points of economic view. Yet stuck in 1.5. Pretend neutrality.
Tech curve. CBA used to evaluate policy. If benefits outweigh cost, good. If not, bad. Reduced huge issues to simple number. Illusion that complex can be understood and the number takes politicos out. Yet valve decisions embedded in number. These judgments hidden from congress and public.
CBOE Econ argued that betting to debt good for economy. Black Shoals model for pricing assets
Phone bandwidth price not coverage, rural access, diversity of ownership. Only price. Gov picking big companies as winners, leaving rural people out.
Central Banks. Separate.
EduAgents optimize. Making stable economy. Assumptions not challenged Narrow and ubiquitous Indoctrination one type of economics, accept this approach uncritically Inadequate edu, fixed view, littler relation to world, no criticism, no other views. Textbook dominate roleNot read journals, not perform Indy researchView that Econ is a fixed complete system the student needs to learn – pre-Galileo All K is in the textbook. No questioning if basic questions. Outlier of university edu – tech school
1 Individual agents decision makers. Firms or Gov. Atomism 2 Optimize price 3 equilibrium achieve best outcomeMechanical view of world. Knowable predictable. Assume we can predict how policy affect economy.
Stand alone system, natural. Positive view. Just describe the world. Pretend no pov. Solo growth model boosting skill levels and investing in technology.
Role of stateReceipts System of ownership operates by rules that written and enforced by state. Contracts – employment and payment, wills Give receipts, accept returns, not lie. Laws restricting trade in votes, people. Corp need laws protect shareholders rights.Structure of giverFree market debate about how people want gov to structure the market.
Roderick rejected pluralism. Not question power. Not criticize economic model assumptions. Dodd Frank 82 economic expert testify. 1/3 failed to say paid by Wall Street. Admit payment only 25% of time on TV. Public Interest Economist- Economist present view as fact scientific truth and keep assumptions and values hidden. None of it is up for discussion. Cements power relations.
Www, ecnnmy.com. Learn engage
Open about pov, limits of K, other ideas. Not that represent all interests of public but hidden decisions behind technical info. About being transparent about interests and any conflicting interests.
“This is how I believe the economy works. Others disagree for reason X. Difficult to prove empirically but my argument rests if the rhetoric that behave in this Y way. ” Citizenship taught. Economic literacy about local Jargon free analysis. Explicit about values and judgments in analysis as well as limits to what is know. Also offer other viewpoints.
Success. We can define it. Force feed now. Gdp. 26%, 38% quality of life, 24% distribution