Alternative Visions - Ideology in Economics—How It Works to Benefit the Wealthy - 09.18.17
Dr. Jack Rasmus explains the notion of ideology in mainstream economics and how it works to create false arguments like ‘business tax cuts create jobs’, ‘free trade lifts all boats’, ‘markets are efficient’, ‘inflation is always caused by too much money chasing too few goods’, recessions are caused by external shocks to a stable (equilibrium) economic system, interest rates determine investment, a global savings glut caused the housing bust and crisis of 2008, ‘central banks are independent of the banks’, and one’s ‘income is determined by one’s productivity’. Rasmus defines ideology as ‘purposeful falsification of original ideas’ on behalf of the interests of those who benefit from the falsification, and describes language manipulation techniques of how this is done, like inversion of propositions, reversal of cause-effect, converting correlations to causation, inserting contradictory elements, deleting original elements of the idea, etc. The latest version of tax cuts create jobs, by economist Douglas Holtz-Eakin is explain, as is the US Dept. of Commerce’s recent report on incomes and poverty results and its interpretation by NY Times columnist, David Brooks. (Check out Dr. Rasmus’s blog, jackrasmus.com, or his website, www.kyklosproductions.com, later today for re-posting of his prior essay, ‘Applications of Ideology in Economic Policy’, for further explanation).
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