Mainstream economics has lost all credibility. Time for a new and better understanding of what goes on in our economies. Hopefully, we can all stand back and frankly assess where money actually comes from. And what effects that debt-money has on our economic systems.
Personally, I'm sick of the blind bandaid solutions that conventional economists have recommended. We can see the US will not achieve economic recovery, not even close. Something is wrong with the Greenspan/Bernanke/Yellen/Krugman view of economics. They have clearly been misled and are not wise enough to realise that their policies are hurting poor/middle classes whilst enriching the rich. There is no doubt in my mind they have caused great harm on ordinary people, whether intentionally or otherwise. Enough is enough. Let these blind people practice their crafts of self delusion on themselves. Get rid of them. Let them be recognised for what they are in history books. Let people write about what Tim and Hank did during the GFC.
There will be a new school of economics that will debunk the myths of mainstream economics, pointing out the very obvious flaws:
http://www.businessspectator.com.au/article/2014/7/21/global-news/are-students-revolting-or-it-economicsSo business-as-usual has returned. But it won’t be business-as-usual at Kingston. I’ve been hired with the express mandate to take a University that is open to non-orthodox thought in economics and make it even stronger. We will teach neoclassical economics as well, warts and all. And we will teach the many non-orthodox streams of thought (post Keynesian, evolutionary economics, econophysics) too.
In doing so, we’ll be responding to the successors of those students who, 41 years ago, fought for a different approach to economics at Sydney University. There are now at least 65 student organizations around the world calling for a new approach to economics in what they have titled ISIPE: the "International Student Initiative for Pluralism in Economics”.
