By Norbert Häring, Niall Douglas
“Economists and the robust: handy Theories, Distorted evidence, abundant Rewards” explores the workings of the trendy worldwide financial system – an economic system during which festival has been corrupted and tool has a ubiquitous impact upon monetary habit. in keeping with empirical and theoretical reports via exceptional economists from either the earlier and modern, this ebook argues that the real workings of capitalism are very various from the preferred myths voiced in mainstream economics. supplying a better examine the heritage of financial doctrines – in addition to how economists are incentivized – “Economists and the robust” exposes how, whilst and why the topic of strength used to be erased from the radar displays of mainstream monetary research – and the impression this subversive removing has had upon the trendy monetary world.
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Extra info for Economists and the Powerful: Convenient Theories, Distorted Facts, Ample Rewards
Thus, their curricula are important in shaping the socialization not only of American students, but also of foreign students and their peers back home who form the elite of their home countries (McKeown 2009). Inviting many members of the Latin American elite to study economics at the market-fundamentalist University of Chicago with money from the Ford Foundation was only the most visible of the initiatives that strove to systematically expand that inﬂuence (Weiner 2007). 28 ECONOMISTS AND THE POWERFUL Grants and support by RAND or similar institutions were used to enlist leading economists in the effort to win the ideological Cold War.
H. , whose family owned the Paciﬁc National Bank, arranged for a start-up loan. He obtained generous funding from the Ford Foundation (Amadae 2003). The Ford Foundation was the richest foundation at the time and had close ties to the CIA (Saunder 1999; Weiner 2007). RAND and the Ford Foundation would become tightly linked and Gaither would assume important roles in both. Under his leadership, the movement worked to deﬁne policy formation as a highly technical and quantitative process, predicated on the authority of scientiﬁc expertise instead of politics (Amadae 2003).
What we do know, however, is that those employing the PR men were desperate to use every available measure to stimulate demand, and were willing to sponsor with signiﬁcant monies radical ways of achieving it. Paul Mazur, the third non-family man to join Lehman Brothers after its creation, and broker and ﬁnancier for consumer goods ﬁrms and consultant for Roosevelt’s New Deal, famously wrote in the Harvard Business Review of 1927, “We must shift America, from a needs to a desires culture. ” In a statement that should pre-empt the theoretical “advance” of the ordinalist challenge, he added, “We must shape a new mentality in America.