Alternative Visions - Ideology in Economics II + Updates on Turkey Crisis & US-China Trade Negotiations
The first half of today’s show elaborates further on last week’s show topic: ‘What is ideology in Mainstream Economics’ and how it works. Today the focus is on two examples of ideology and favorite theories of mainstream econ—Laffer curves and Phillips curves. Rasmus explains ideology as manipulation of language to misrepresent reality, facts, and original ideas. Ideology as conscious, purposeful, intentional Mis-representation, using language manipulation techniques like insertion, deletion, conversion, inversion, substitution, reversal of cause-effect, de-temporization, universalization, etc. How these techniques are used with Laffer and Phillips curves to justify tax cutting for businesses and investors (Laffer) and central bank interest rate policy (Phillips) subsidizing bankers at the expense of household savers. Today’s show concludes with quick updates on latest developments in the Turkey currency crisis and its contagion connections to Europe banks and other EMEs; the US-China trade discussions about to renew; Europe’s slowing growth; and the accelerating US budget deficits (now predicted to add $769 billion more to the US deficit in just the last six months of 2018 alone).
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