I have blogged on here before about how the elite left is still obsessed with Karl Marx and thinks he should be given another chance. This fact is even more mind boggling when you consider that economically speaking Karl Marx is seen as a complete failure. A simple basic economics course will dispel any hope that Karl Marx can be successfully implemented. He is such a failure that a couple economists are having a hard time listing his positives. To see this exchange read Brad Delongs post , Professor of Economics at UC Berkeley. He asks simply for five one-sentence bullet points listing his positives. Tyler Cowen, Professor of Economics at George Mason University, tries to list some positives here . Although he concludes with, Of course marxism, as a political program, remains dangerous nonsense. Marx's blind spots were enormous, and I still cannot understand how generations of the intelligentsia were taken in by the whole thing. Can somebody please convey this message to those ...
Kevin Grier, Professor of Economics at the University of Oklahoma, writes about Mexico's Economic growth problem , I believe the primary two problems with mexico are both political (1) very little real competition in the domestic economy (2) no true rule of law. Fundamentally its still a society where personal connections or bribes get lots of things done. The "ideal" of everyday anonymous transactions working out well even when there are time intervals between beginning and end (payment and reward) just is not there. Also the Mexican civil war at the beginning of the 20th century probably had something to do with the low growth in the first half of the century. That was no joke, that war. The "golden years" could easily be high transitional growth getting back on the BGP after the devastation of the civil war, kind of Mexico's mini version of the Japanese and German growth miracles after WWII. imho Mexico is middle income due to "location location loca...
About a week and a half ago I was at a friend's wedding in Burbank California. This friend, and his family, have known me for almost ten years now. They know that I am very interested in politics and that I have strong opinions on the subject. Because of this, as soon as the celebrations started, I was informed by a couple of the family members that one of the guests at the wedding was a Political Science Professor and thought that we could probably have a good conversation on the topic. What resulted was a confirmation of the stereotype I have of "elite" liberals. The high level liberals that I believe run the Democrat Party. These characteristics are, Very weak understanding of basic Economics When I asked her what capitalism was she replied, "Greed". When I asked her what the main objective of the study of Economics was, she had no idea. She would say stuff like, "Greed", "Power", or even "To Make Money". Not once did she m...
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