A critique of conventional economic wisdom

The often predicted political demise of the crude and narcissistic nationalist, Donald Trump, has so far refused to happen. All the wise voices assured us that the voters would massively reject a self-described democratic socialist as a presidential contender in the US, yet 12 million Democratic primary voters enthusiastically supported Bernie Sanders anyway. And then UK voters confounded the experts who predicted that in the end they would opt for the safety of existing arrangements and reject a leap into the unknown by leaving the EU. However, those are not new developments.

A critique of conventional economic wisdom

Does Longevity Cause Growth? A Theoretical Critique (2006)

Okay, but what does that mean? The report suggests that "evidence is mounting - from catastrophic climate disruption to unprecedented disparities in wealth - that our present corporate-dominated economic system is leading to ecological and social disaster In fact, there is an alternative, and it's on the rise.

That alternative is an emerging economic sector we call the commons. It won't replace corporations, but it will complement and temper them.

A critique of conventional economic wisdom

In so doing, it will provide benefits corporations can't supply: And it will curb the corporate invasion of realms we hold dear - nature, our minds, our food and our democracy.

As if the commons is some nice, imaginary town square where artisans and peasants can let our sheep go grazing while we trade gossip and jarred vegetables. It is at the crux of many debates over the nature and shape of our political economy and the role of markets - from corporate attempts to hijack the Internet to national security.

The report challenges us to see how we've been bounded by the assumption that property rights are exclusively the equivalent of private rights contending for power in a competitive market. In fact, there are also a variety of common property rights which, once identified, can more easily be shielded from predatory corporations.

And just like private property and corporations whose very existence and the attendant privileges conferred with their creation should be subject to much more scrutiny and public policy debatepublic property forms -- like trusts -- are legal constructs requiring government oversight and protection.

That doesn't necessarily translate directly into government ownership or even regulation. No, this is something less rigid and fixed: The possibilities are endless. Now we need to scale up. But change the laws that allow private corporations to acquire exclusive monopoly patents over our common heritage e.

Eventually, we will need to take back our national security, defining it in a manner that reflects our community values.

A critique of conventional economic wisdom

At some point, this means reducing the power of the war profiteers. That sounds so beyond the "conventional wisdom" that it can't even be considered -- right? Maybe at this point. But that should suggest how far the corporate sector has colonized the system, not to mention our thinking, because not so long ago one of the top economists of the past century actually made this suggestion in a feature piece in the NYTimes magazine.

See John Kenneth Galbraith, November 16, For one, "[a] very large part of the fixed capital of these firms is owned by the Government of the United States. Recognizing tacitly the public character of these firms, the Government extensively instructs them on their management. It tells them what costs are billable to the Government and what are not and advises them on what work is to be subcontracted and what is not.Abstract.

This paper challenges conventional wisdom by arguing that greater long-evity may have contributed less than previously thought for the significant accumulation of human capital during the transition from stagnation to grow-th.

wisdom is a form of post modern jingoism serving the political purpose of economy of encouraging one to associate or confuse the term “globalization” w ith globalizing negative impact on human development. Boston College Environmental Affairs Law Review Volume 1|Issue 2 Article 3 Environmental Pollution, Externalities, and Conventional Economic Wisdom: A Critique.

Register Online (Free)

A Critique of Conventional Economic Wisdom Essay it has revolved around reforming conventional economic wisdom. To reform the latter is to maybe tinker with one thing here, possibly change another there, or even plausibly introduce new elements or considerations into what already exists.

conventional wisdom at face value.” Model for Business and a Critique of Milton scores the higher economic marks, while those who favor conquest and confiscation must at least reckon with the overall loss of production that their policy brings about.

(, ). Abstract. This paper challenges conventional wisdom by arguing that greater longevity may have contributed less than previously thought for the significant accumulation of human capital during the transition from stagnation to growth.

"Decollectivization and rural poverty in post-mao China: A critique of " by Zhaochang Peng