Evidence of the death of market ideology? Two weeks ago, there was this...
A paper by two economists (Carmen Reinhart, now a professor at Harvard Kennedy School, and Kenneth Rogoff, an economist at Harvard University) who came up with some number (90%) that showed such and such a thing was true (government debt at this point slows growth) has been debunked only two years after it was published.
And now there is this...
Harvard professor and famous historian Niall Ferguson reportedly made some bizarre and offensive remarks about economist John Maynard Keynes at an investment conference yesterday.Back in the day, pro-market types used mathematics to prove Keynesian economics was wrong. But now that this mathematics has been shown to be riddled with holes, pro-market types are switching to the next best thing: argumentum ad hominem.
According to financial writer Tom Kostigen, the editor at large of Private Wealth and Financial Advisor magazines, Ferguson made two startling suggestions about Keynes at the Tenth Annual Altegris Conference in Carlsbad, California:
Keynes' economic philosophy, Ferguson reportedly suggested, was the result of Keynes not caring about future generations.
Keynes didn't care about future generations, Ferguson reportedly suggested, because Keynes was gay and did not have children.
But know that the only mainstream economist to seriously think about the future of Western society is Keynes. Indeed, if you live in the West, the only piece of economic writing you need to bother with is his short paper "Economic Possibilities for our Grandchildren." All other economic works are useless to you and your condition.