When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Wednesday, July 20, 2011

Highly educated ignorance

Green Sky Economics - NYTimes.com: Nobel laureate in economics Paul Krugman today in the New York Times-- "the nonsense Republicans are talking on economics comes not from uneducated ignorance but from highly educated ignorance: they’re getting their fallacies from eminent academics, not the man in the street. And not just fallacies: people like Fama confidently proclaim the truth of facts that, well, aren’t. Clearly, it’s all mutually reinforcing: the closing of the Chicago mind both reinforces and is reinforced by the patronage of the mega-wealthy. . . ."

God help us--what's the man in the street supposed to do? Uneducated ignorance is one thing--highly educated ignorance? Maybe Krugman is on to something!

The Big Picture

Financial Crisis - The Telegraph

JohnTheCrowd.com | The Sailing Website

Craig Newmark - craigconnects