Getting what you vote for

Politics Does it matter that many can’t register for coverage?

Word

This has been said before, many times, in fact, but Zach Ward-Perkins and Joe Earle say it again because economists and their paymasters cannot learn from their past mistakes:

Every year thousands of economics graduates take jobs in the City, thinktanks and at the heart of government itself. Economics is highly technical and often mathematical, and this elevates economists to a position of expertise from which they mediate economic analysis to the British public. They are the guardians of our economy, charged with its upkeep, and they play an important role in shaping political narratives around economics. Yet British universities are producing economics graduates who are not fit for this purpose.

The financial crisis represents the ultimate failure of this education system and of the academic discipline as a whole. Economics education is dominated by neoclassical economics, which tries to understand the economy through modelling individual agents. Firms, consumers and politicians face clear choices under conditions of scarcity, and must allocate their resources in order to satisfy their preferences. Different agents meet through a market, where the mathematical formulae that characterise their behaviour interact to produce an “equilibrium”. The theory emphasises the need for micro-foundations, which is a technical term for basing your model of the whole economy on extrapolating from individual behaviour.

Economists using this mainstream economic theory failed to predict the crisis spectacularly. Even the Queen asked professors at LSE why nobody saw it coming. Now five years on, after a bank bailout costing hundreds of billions, unemployment peaking at 2.7 million and plummeting wages, economics syllabuses remain unchanged.

Catastrophes such as this are what one necessarily encounters when the mote remains in one’s eye.

On the forgetting of our human nature

Wendell Berry once wrote:

We Americans are not usually thought to be a submissive people, but of course we are. Why else would we allow our country to be destroyed? Why else would we be rewarding its destroyers? Why else would we all — by proxies we have given to greedy corporations and corrupt politicians — be participating in its destruction? Most of us are still too sane to piss in our own cistern, but we allow others to do so and we reward them for it. We reward them so well, in fact, that those who piss in our cistern are wealthier than the rest of us.

How do we submit? By not being radical enough. Or by not being thorough enough, which is the same thing.

The essay from which I pulled this quote addresses the destruction of the land in America and around the world. Berry’s thought: If human beings destroy the land on which they live, they will have committed collective suicide and, ironically, genocide. If human beings lack habitable land upon which to create a life, our species, one of many, will become extinct.

For Berry’s land one could substitute the idea of a world that can sustain both human and a diverse abundance of non-human life. Human beings have known the ‘civilized’ version of this generic world since about 8,000 to 12,000 BC, from the time when our ancestors began to develop an agricultural economy. Although this habitable world is both necessary and irreplaceable, over the last one-hundred years it has become possible to imagine its destruction. About a century ago, the advent of total and world war brought about the age of catastrophe, the age in which we live, an epoch of holocausts and apocalypses, of the subjugation of the human world to globalizing economic and political systems. Nuclear weapons exemplify the destructiveness now in the hands of some of the most belligerent war-making modern states. But it is modern industrial production and consumption, now encompassing the globe, which mortally threaten those species attuned to the mechanisms and rhythms of a first nature billions of years in the making.

Civilized human beings believe themselves to reasonable, pragmatic and thus adaptable. They believe themselves to be masters of and responsible for their destinies. Yet it is the most powerful members of this lot that have shown themselves to be incapable of learning from the situation we all now confront. What must they learn? This: A civilization that requires the hyper exploitation of finite resources will not last forever.

The endgame of the human project has already appeared. These are reactionary times, a moment during which capital is at its apex, and, as such, they thus call for a radical response: Social and political revolution. “If not now, then when?”

Crappy jobs for nearly everyone

Crappy jobs for nearly everyone

He has most things his way

Opulence in an austere age

Aurora’s $1.3M Diamond pen

One can easily imagine a bankster using this beauty to sign away the birthright of this or that nation!

Obama yokes seniors to a phoney CPI

The Nobel Laureate robs old folks

He’s an adult, you know. And every adult knows that the Bankster Golem is insatiable. Senior citizens can be sated, however. With this, for instance:

Empire before human needs

Brian McFadden

Let us keep to the path to nowhere

Perhaps the Demonicans would rather have a plutonium coin…