David Goldstein is a senior fellow at Civic Ventures and co-host of the Pitchfork Economics podcast.
In this opinion piece, he argues that the “neoliberal narrative” has led to a gap between the economics we teach today and the actuality of the economic landscape. For instant, theory on minimum wage and regulations has been proven to be incorrect.
Goldstein says “the economic story we’ve told ourselves these past 40 years is a neoliberal story deliberately crafted to serve the interests of a wealthy elite.”
For more on this topic, listen to the latest episode of Pitchfork Economics.
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One of the clearest illustrations of the economic notion of a “market failure” is the market for academic economists — a market so captured by the dominant neoliberal narrative, that it has proven nearly impervious to competition from empirical facts.
Take, for example, Senator Elizabeth Warren’s recent call for a 2% annual tax on household wealth over $50 million. The proposal instantly drew derisive catcalls from economic experts arguing that taxing wealth would inevitably result in “slower growth … fewer jobs and lower incomes.” And why not raise this theoretical objection? The inverse relationship …read more
Source:: Businessinsider – Strategy