Economics is a political argument. It is not - and can never be - a science; there are no objective truths in economics that can be established independently of political, and frequently moral, judgments. Therefore, when faced with an economic argument, you must ask the age-old question 'Cui bono?' (Who benefits?), first made famous by the Roman statesman and orator Marcus Tullius Cicero.Trickle down economics, free trade, allowing the market to solve environmental problems, deregulating finance, tax cuts for the rich. They'd have us believe these are based on economics as a scientific discipline. They don't ask who most obviously and immediately benefits from these policies.
Sunday, June 22, 2014
Economics - Cui Bono
Ha Joon Chang captures what I regard as the fundamental error of the economics of the conservative mind: