Category Archives: Economics

Scope and purpose of economics

Fiscal Stimulus of Consumption

The global financial crisis (GFC) has been in temporary recess since its break in 2008, but has recently metastasized into a more dangerous form. Extreme real-time experiments are being forced on many economies without sufficient scientific justification. The extreme measures, … Continue reading

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Corporate Socialism and Hollowing of America

Most people understand and assume that government income redistribution, where higher incomes are taxed and transferred to those with lower incomes, is a way of achieving greater income equality. But few people are aware of the extent of corporate socialism … Continue reading

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Creeping American Socialism

The previous post discussed the influence of pluralism in economic policy. As an historical summary of the cognitive dissonance, it suffices to observe the policy circus: the free-market capitalism in the early twentieth century was blamed for the Great Depression; … Continue reading

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Pluralism of Cognitive Dissonance

Pluralism is the enemy of science. At any given time, science deals only with a single most correct theory in any particular domain, not with multiple incorrect theories. There is a huge difference between evaluating many new ideas and the … Continue reading

Posted in Econoclasm, Economics, Science | 7 Comments

Capitalism and Economic Growth

The global financial crisis (GFC) has been blamed on the failure of capitalism, with the 2011 Occupy protests declaring, “capitalism isn’t working” (Hussey, 2014). What is capitalism which has failed? Economists appear reluctant to define explicitly key economic terms such … Continue reading

Posted in Economics, Methodology, Science | 7 Comments