Monday, October 24, 2011

Socialist Magazine Hails Krugman, Reich and Stiglitz Support of OWS

Socialist Michael Yates writes at MRzine:

Since I [have] taught economics, I took special notice of the famous liberal economists who have gone to the Financial District in New York City and embraced OWS or written favorably about it: Paul Krugman, Jeffrey Sachs, Robert Reich, Joseph Stiglitz, Jeff Madrick, a pantheon of the stars of liberal economics. Their presence was generally applauded by OWS supporters, including people I know who are left-wingers. Krugman, Sachs, and Stiglitz in particular have been singled out for praise. Each has said or done some deplorable things in the past (Sachs, for example, was a consultant to Russia and Poland after the collapse of the Soviet Bloc, and he urged the "shock therapy" that devastated lives in those countries), but my leftist acquaintances have eagerly welcomed their changes of heart now.

I applaud these economists for abandoning some of their past views. That they have endorsed OWS is a good thing, too.

1 comment:

  1. The fact that progressives, liberals, and egalitarians embrace Keynesians is mind boggling to me. The tenets of Keynesian economics, especially on the monetary side are the exact opposite of what progressives believe in. Krugman actually has a small group dedicated to him at OWS, even though he co-signed the bank bailouts and continues to call for more bailouts throughout Europe. J.M. Keynes was an elitist himself, whose economic theory called for the top down tinkering of academic elites in the global economy.