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#deaton

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RaymondPierreL3

aus.social/@RaymondPierreL3/11

Well, well, well, since I tooted this, the source article has been taken down from the imf.org site.

Seems #Deaton is in a bit of bother with management then.

Does anyone know if the imf.org site has been archived within the last 12 hours or so?

#InternetArchive #IMF #angusdeaton #AntiUnionism #Neoliberalism

[Edited] It’s back on line folks, for all to read the predictable confession of an neoliberal economist

Aus.SocialRaymondPierreL3 (@RaymondPierreL3@aus.social)Well, well, well… Angus Deaton of the International Monetary fund (imf.org) finally coughed it up: “Like most of my age cohort, I long regarded unions as a nuisance that interfered with economic (and often personal) efficiency and welcomed their slow demise. But today large corporations have too much power over working conditions, wages, and decisions in Washington, where unions currently have little say compared with corporate lobbyists. Unions once raised wages for members and nonmembers, they were an important part of social capital in many places, and they brought political power to working people in the workplace and in local, state, and federal governments. Their decline is contributing to the falling wage share, to the widening gap between executives and workers, to community destruction, and to rising populism.” It takes time for boffins and know-it-alls to get the picture. I’m just gald some of them have finally come to their senses. #InUnity #Unionism #Pupulism #Corporatism
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Chuck Darwin

Nobel Laureate economist #Angus #Deaton has delivered a ferocious rebuke to his own profession, saying economists have failed to understand that ⭐️capitalism is about power.⭐️

Deaton lobs a series of truth bombs at his own profession, the result, he says, of “changing my mind, a discomfiting process for someone who has been a practising economist for more than half a century”.

These include:

🔸“We have largely stopped thinking about #ethics and about what constitutes human #well-#being”.

🔸If “economists should focus on efficiency and leave equity to others, to politicians or administrators… 🔹the others regularly fail to materialise🔹, so that when efficiency comes with upward redistribution
— frequently though not inevitably
— our recommendations become little more than a #license for #plunder”.

🔸“#Historians, who understand about contingency and about multiple and multidirectional causality, often do a better job than economists of identifying important mechanisms…”

🔸Far from being “a nuisance that interfered with economic (and often personal) efficiency”, #unions “once raised wages for members and nonmembers, they were an important part of social capital in many places, and they brought political power to working people in the workplace and in local, state, and federal governments.

🔸Their decline is contributing to the falling wage share, to the widening #gap between executives and workers, to community #destruction, and to rising #populism.”

🔸“I am much more sceptical of the benefits of free trade to American workers and am even sceptical of the claim, which I and others have made in the past, that globalisation was responsible for the vast reduction in global poverty over the past 30 years”.

🔸Immigration contributes to inequality.

But Deaton’s main point is a recognition of how #power distorts #policy:
“Our emphasis on the virtues of free, competitive markets and exogenous technical change can distract us from the importance of power in setting prices and wages, in choosing the direction of technical change, and in influencing politics to change the rules of the game.”

crikey.com.au/2024/03/12/nobel

Crikey · Nobel laureate economist savages his own profession as clueless and unethicalNobel Laureate economist Angus Deaton has delivered a ferocious rebuke to his own profession, saying economists have failed to understand that capitalism is about power.
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