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Opinions/Editorials Title: Steve Keen: Harvard Starts its Own PAECON Against Mankiw Several correspondents have just told me that some of Greg Mankiw’s students at Harvard are staging a walkout from his first year class. They’ve written an open letter to Mankiw to explain why: An Open Letter to Greg Mankiw I applaud them for this move. Mankiw’s various economics texts are among the most simplistic of the many neoclassical textbooks that parade this flawed paradigm as a flawless jewel of human reasoning. I’m delighted that his students have taken the rebellion against this paradigm to one of its key promulgators. I did likewise forty years ago–against far less well-known advocates of neoclassicism. At the time, I probably knew as much as these students do today of the enormous literature that establishes how fallacious neoclassical theory is, and which of course neoclassical texts like Mankiw’s completely ignore. These students will undoubtedly be told that they have misunderstood and misjudged both the theory and Mankiw’s course–which I was also told when I revolted against Simkin’s economics at Sydney University back in 1972. They are certainly lacking knowledge of the literature–and they rightly attribute this to the “education” they are receiving in Mankiw’s course: A legitimate academic study of economics must include a critical discussion of both the benefits and flaws of different economic simplifying models. As your class does not include primary sources and rarely features articles from academic journals, we have very little access to alternative approaches to economics
Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest #1. To: Not Badeye, A K A Stone, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, mininggold, brian s, mcgowanjm (#0) From the letter as reproduced in the comment section: Hmmm - I wonder how ACORN managed that. "You post articles- intellectual excrement, really- that support your inane, insipid mentality, on a regular basis. Capitalist Eric #2. To: lucysmom (#1) Hmmm - I wonder how ACORN managed that. Didn't Goldi accuse you of being an ACORN plant? You probably had something to do with this walkout too!
#3. To: Fred Mertz (#2) Didn't Goldi accuse you of being an ACORN plant? Yes she did, and banned me for it too. You probably had something to do with this walkout too!
Obviously I can't talk about that. "You post articles- intellectual excrement, really- that support your inane, insipid mentality, on a regular basis. Capitalist Eric #4. To: lucysmom (#1) Economics is Metaphysics. I've always hated it. And why don't high schools teach budgeting?
#5. To: All (#4) And speaking of budgets. Not only has Don Corizene Not accounted for $700 million in missing customer monies....it's now up to $1.45 Billion. "To wit: "As a result of the apparent segregation violations and the suspension of clearing privileges, more than 150,000 customer accounts essentially were frozen on October 31, 2011, of which more than 50,000 accounts were regulated commodities customer accounts. The CME estimates that MFGI’s current segregated funds requirement is approximately $5.45 billion. Moreover, the total amount of MFGI customer segregated funds on deposit at the CME is approximately $2.5 billion, and the clearing-level segregated collateral is approximately $1.5 billion or approximately 60 percent of the MFGI customer segregated funds on deposit at the CME." Doing some quick inverse addition and we get a (w)hole of $5.45 less $2.5 less $1.5 or $1.45 billion. In other words, the theft by MF Global was not stealing hunderds of millions form its customers: it has stolen a whopping $1.5 billion! For those confused, this is not a rogue loss of $1.5 billion, something which was enough to send UBS' Kweku to prison. This is outright theft resulting from illegally commingled accounts. Our only question is will $1.5 billion in theft be enough for the first real perp walk of an Obama-friendly Wall Street executive?" What's it going to take to put these banksters in jail?
#6. To: mcgowanjm (#4) And why don't high schools teach budgeting? No corporate sponsors? "You post articles- intellectual excrement, really- that support your inane, insipid mentality, on a regular basis. Capitalist Eric #7. To: lucysmom (#6) No corporate sponsors? ACORN will do it....8D 'When I fed the hungry, they called me a hero. When I asked why they were hungry they called a me a terrorist.'
#8. To: mcgowanjm (#5) Our only question is will $1.5 billion in theft be enough for the first real perp walk of an Obama-friendly Wall Street executive?" Good question.
#9. To: mcgowanjm (#5) Ru-roh... New York Times - 2 hours ago Jon S. Corzine has hired Andrew J. Levander, a leading white-collar criminal defense lawyer, according to three people briefed on the matter, as the former New Jersey governor deals with fallout from the collapse of MF Global, ...
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