This week Soros is gathering some of the leading practitioners of the market-skeptic school, who were marginalized during the era of "free-market fundamentalism," among them Nobelists Joseph Stiglitz, George Akerlof, Michael Spence, and Sir James Mirrlees. He's also creating an "Institute for New Economic Thinking" to make research grants, convene symposiums, and establish a journal, all in an effort to take back the economics profession from the champions of free-market zealotry who have dominated it for decades, and to correct the failures of decades of market deregulation. Soros hopes matching funds will bring the total endowment up to $200 million. "Economics has failed not only to predict and explain what happened but has also failed to protect society," says Robert Johnson, a former managing director at Soros Fund Management, who will direct the new institute. "That's what the crisis revealed. The paradigm has failed. There is no guidance." From the Newsweek article: Converting the Preachers
I am continually amazed at the idiocy of the left. Robert Johnson has demonstrated in this single statement that he either has no concept of economics, or has an agenda that is not in line with the reality of economics, so it is economics that must be changed. Just look at what he said: "Economics has failed not only to predict and explain what happened but has also failed to protect society...That's what the crisis revealed. The paradigm has failed. There is no guidance."
This could not be further from the truth. Anyone who has studied economics seriously would have been able to predict all of the current problems we are now facing. Conservatives, libertarians, and free-market believing economists have long said that not only are the many massive government programs unsustainable, but the predicted that government intervention in the market would lead to distortions, a more volatile business cycle, and a worse economy than there otherwise would have been. It is straying from free market principles that got us into this mess in the first place. I have said it time and time again, we do not live in a free society, and we have not had free markets for a long time. Over the last 100 years, regulations, special interests and socialist programs have been burdening down the "free market" system and now it is on the verge of collapse. It has been a long battle, but the marxists are about to win, and if we buy into the left's lies, like those of Johnson, we will see our economy and our freedoms disappear over night.
We must educate ourselves and others about economics. See, the problem is that not many people study economics enough to know what a truly free market is and what the function of liberty is. Don't let the president and his cronies lie any longer. When they talk about our "free market system" and the failure of the markets (implying free markets) they are misusing the term. Our free market didn't fail, our free market just simply did not exist. They have been operating under a semi-free market, burdened by their socialist policies, yet when their idea of economics fails, they say it was the free market, not their policies that caused it. This is ludicrous! And what is even more aggravating is that too many people buy into it. Our government has been spending so much time and money not educating us that now many in the country, especially the younger generations don't know how to think or reason. Our government run schools tell us what to think, and not how to think. Instead of teaching logic at early ages and then allowing competing views into the classroom, which can be debated by reasonable youngsters who have been taught how to think, the schools only allow what they have decided is right into the schools, and that is not education, it's indoctrination. This of course goes both ways, I am not saying that it's only democrats or republicans doing this, but it is happening and if you are honest with yourself you will be able to see or remember examples from your own education.