Episode

3/26 Jeff Madrick: Why Economist Cling to Discredited Ideas

March 26, 2015

Economist Jeff Madrick, author of the recent book, Seven Bad Ideas: How Mainstream Economists Have Damaged America and the World,explains why mainstream economists failed to anticipate the 2008 economic crisis. The “invisible hand” utopia myth and why it is dangerous for the economy. The myth of rational decision making. All the things that markets don’t work for. Why “you get what you deserve” is another destructive myth. Why Democratic economists buy into right wing economic ideology. Austerity as religion. Is trade always good? And how and why do bad economic ideas have so much power despite being discredited?

On The Fun Half: A New York public school teacher calls into the program to speaks out against Andrew Cuomo’s attack on public school teachers. Why would an art teacher get judge by students performances on a math test? Louie Gohmert screams at the FCC Chairman “You’re Playing God With the Internet”. Is Tucker Carelson’s brother might be even worse than him? Yes. Also your calls and IMs.

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