a brief but compelling presentation – starts with a critique of neoclassical economics
This 14-minute video by Richard Murphy, Emeritus Professor of Accounting Practice at Sheffield University Management School, is an excellent introduction to neoliberal economics. The fact that he reviews the assumptions of neo-classical economics in such depth is an added bonus.
Reminds me of the oft-repeated joke about economists:
Three experts—a physicist, a chemist, and an economist—are stranded on a desert island. Miraculously, they find a can of beans, but they have no way to open it.
Physicist: “We can calculate the exact angle and velocity to throw the can against those rocks. The force will cause it to rupture, and we can eat the beans.”
Chemist: “Too risky. We might spill the beans. We should submerge the can in saltwater. The reaction will corrode the metal, and we can then open it more easily.”
Economist (rolling his eyes): “You’re both overthinking this. First, let’s assume we have a can opener…
Pass it along.
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