Will there be Prozac for our Economic Depression?

[magusdave]

huruma posted this article over on Facebook. Is a great read. In particular, I'm wondering if dirkcjelli has read it - or what he might think?http://www.washingtonpost.com/wp-dyn/content/article/2008/09/26/AR2008092602836.html?

Comments

[dirkcjelli]

Here's the main lesson the Great Depression taught us: Capitalism is the best economic system just as democracy is the best political system, but both contain inherent dangers that require checks and balances to ensure that they work properly.

pppphhht.

Capitalism. He keeps using that word. I don't think it means what he thinks it means. (I could say the same about democracy; we've got neither.)

The lesson -I- take from this is that pro-capitalists will inevitably undermine everything they say they believe in. So long as there are corporations and bribes, we'll have neither "capitalism" nor "democracy".

The part where he said "oh, look, we're f*cked again"... I agree with that bit.

The palative measures he proposes-- those are a part of something called "socialism" which works better than this "capitalism" he keeps talking about.

Frankly, it would be more instructive to replace "capitalism" with "I like puppies" every time he says it...

[dirkcjelli]

... there is this other problem, which he doesn't talk about, where one of the prerequisites for his system to work is unlimited potential resources and energy and food and population to enable unlimited growth.

This unlimited exponential growth seems somewhat unreasonable to me...

[magusdave]

Which has always been my main problem with capitalist mind set. I knew I could count on you for insightful counterpoint. :)

[rhonan]

There is a simple solution. The workers of the world must recognize that capitol and labor have almost no interests in common, and the workers of the world must unite.

[huruma]

I'm glad you found the article interesting, Dave! It was recommended by Dr. S, my economist hubby. :)

Princeton economist Paul Krugman wrote a couple of good overview op-eds recently, too. I think he's an excellent writer, especially when he discusses economist concepts. (He is left-of-center, though, so beware)

[dirkcjelli]

... that all depends on where you think the center is.