Economics links

[erudito]

A lovely, clear rendition of the theory of the firm: Now, the manager does buy this equipment on the market, and pays real prices. But he doesn't sell the computer time to the staff. He gives it away. Is it worth it, in terms of somehow increasing profits or raising the company's share values? The boss has to guess. Many different bosses, in many

Comments

Klein

[catsidhe]

Obviously you still haven't read it. Neither has the NY Sun reviewer either, it seems.

Here is a slightly more calm, rational, and mostly positive review, which you might have missed in the flood of spittle-flecked vitriol which seems to be all else you can find. I note that Mr Cowen takes especial note of it himself. I also note that Cowen says “Ms. Klein goes further and argues that a right-wing conspiracy deliberately courts or looks for disaster”, where Stiglitz says “Some readers may see Klein’s findings as evidence of a giant conspiracy, a conclusion she explicitly disavows.” (my emphasis).

Further, Cowen says “ What the reader will find is a series of fabricated claims, such as the suggestion that Margaret Thatcher created the Falkland Islands crisis to crush the unions and foist unfettered capitalism upon an unwilling British public.” Whereas if one were to actually read the book, you would see that Thatcher did not ‘invent’ the Falkland War in order to crush the unions, but when the opportunity presented itself, she used it

Re: Klein

[erudito]

And I am not going to either, life's too short. Especially at 500 pages.

Taking Stiglitz's review, his portrayal of Milton Friedman's economics is disgracefully false. And starting with There are no accidents in the world as seen by Naomi Klein is not encouraging that Klein isn't selling a conspiratorial mindset.

Alexander Cockburn is a commentator I have never had any time for, being very good at getting things wrong. He says The Chicago Boys laid waste the southern cone of Latin America in the name of unfettered private enterprise, when Chile has now the strongest and most stable economy in Latin America while Argentina would do rather better if the country could kick the Peronista habit of cutting up the pie before it has been fully baked