Posts Tagged ‘injustice’

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I’m taking nominations for the best examples of dismal economic scientists.

While I wait for your suggestions, I’m going to offer two of my own nominations: Tyler Cowen and Paul Romer.

I am nominating Cowen because, in his argument that the economy probably needs a “reset,” he only focuses on lowering workers’ wages. First, he makes no mention of resetting corporate profits or the incomes of those at the very top, as if what they manage to capture were completely off limits. All the adjustment in the new, “grimmer future” will be born by those at the bottom. Second, he completely overlooks the mechanisms of his own economic theory: if lower rates of economic growth are the product of lower rates of growth of available workers (a key factor in the theory of secular stagnation), then the relative scarcity of workers should mean higher—not lower—wages. In other words, Cowen is determined to make sure all the costs of the new, slower-growing economy will be born by shifted onto those who can least afford it. For that reason, I nominate Cowen for the title of dismal economist.

I also want to nominate Romer, who continues to double down on his “mathiness” argument, by asserting (against all the work that has taken place in the philosophy of science in recent decades) that (a) there’s a single truth, (b) that truth can only be obtained via science, and (c) mathematical modeling is the singular method for making progress in science to obtain truth. There are so many things wrong with each of those assertions it’s hard to know where to begin. And I won’t, at least right now. Let me just say Romer deserves his nomination as one of the most dismal economists because of the extraordinary arrogance, pretentiousness, and ignorance of the following statements:

About math:. . .I’ve seen clear evidence that math can facilitate scientific progress toward the truth.

If you think that math is worthless or dangerous, I’m sure that there are people who will be happy to discuss this with you. I’m not interested. I’m busy.

About truth and science: My fundamental premise is that there is an objective notion of truth and that science can help us make progress toward truth.

If you do not accept this premise, I’m sure that there are people who would be happy to debate it with you. I’m not interested. I’m busy.

And please do not write to tell me that science is a social process or that the progress it makes toward the truth can be irregular. I know.

Me, I’m not too busy to discuss either the fundamental injustices of contemporary capitalism or the often-worthless and dangerous role mathematics, truth, and science have played and continue to play in the discipline of economics.

I’m also not too busy to post additional nominations for dismal economists.

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Special mention

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From J. Cole

Rest in Peace to Michael Brown and to every young black man murdered in America, whether by the hands of white or black. I pray that one day the world will be filled with peace and rid of injustice. Only then will we all Be Free.

source

The right-wing loves to talk about the injustice of passing on the tax burden of current deficit spending to our children and grandchildren. What they don’t want to discuss is how unfairly the children of today are being treated.

Right now, the next generation is getting shortchanged all around, with children too often treated as an afterthought in policies meant to appeal to their elders. The United States tolerates the highest rate of child poverty in the developed world. Yet federal expenditures on children — including everything from their share of Medicaid and the earned-income tax credit to targeted efforts like child nutrition and education programs — fell 1 percent last year and will fall an additional 4 percent this year, to $428 billion, according to estimates by the Urban Institute based on the Congressional Budget Office’s projections.

The federal government spent $8 billion less on child health last year than it did the previous year, as fiscal stimulus programs to combat the Great Recession were phased out. It cut aid to states to pay for primary education by about the same amount.

The states, which provide more than 60 percent of the total government dollars spent on children, aren’t in great shape either. According to the Urban Institute’s estimates, state and municipal spending on children fell in each of the last three years.

And the outlook is not much better for the coming decade. Despite health care reform, which will lead to coverage for millions of uninsured children, the Urban Institute forecasts that federal expenditures on children — including direct spending and tax breaks — will shrink to about 2.3 percent of the nation’s economic output by 2022, from 3 percent last year.

A Dangerous Resolution. The Christian resolution to find the world ugly and bad, has made the world ugly and bad.

Amartya Sen began his University of Notre Dame Lecture in Ethics and Public Policy, “The Demands of Justice,” with the above quotation from Friedrich Nietzsche’s The Joyful Wisdom.

Sen then proceeded to explain (after gasps from the audience) that it really wasn’t Christianity’s fault. The world really is ugly and bad and, while perfect justice is an illusion, it’s necessary to eliminate instances of injustice wherever they exist.