Monday, January 9, 2012

Mainstream Economics is the height of Absurdity (Naked Capitalism and Philip Pilkington)

MONDAY, JANUARY 9, 2012

Philip Pilkington: Bubbles and Beauty Contests – To What Extent is Keynes Relevant to Investors?

By Philip Pilkington, a journalist and writer living in Dublin, Ireland
Of Masters and Slaves

When looked at from this perspective mainstream economics truly is the height of absurdity: it quite literally sets out to teach people how to be terrible investors. At the best of times – that is, when markets are ticking over – it is a religion of mediocrity. At the worst of times – that is, when bubbles are forming and financial instability gathering – it is a religion of failure.
Above photograph is entitled ‘Infinite Reflection’ by Balsamia
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