"So-called macroeconomics has never been real economics but rather an endless series of engineering-type models purporting to guide politicians in centrally planning an economy. In the bizarro world of macroeconomics all capital is the same, and all workers are the same, as one big lump, expressed as 'K' and 'L' in the models. Relative prices and their role in allocating resources in a market economy are mostly ignored, while 'economic aggregates' are said to influence 'the' price level. In macroeconomics it is taken as a given that markets are incapable of allocating resources in an acceptable way; that's why there is supposedly a need for macroeconomic central planning in the first place. No such 'failures' are assumed on the part of the macroeconomic central planners."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Original Language: English
Available Languages (1)
Sources
Thomas J. DiLorenzo, in "Greenankeism (Or, Beware the New Yellow Peril)," (21 March 2009).
https://en.wikiquote.org/wiki/Economics
Revision History
No revisions have been submitted for this quote.
Categories
Economics
109 quotes on TrueQuotesView all quotes by Economics →
Related Quotes
"Any author who uses mathematics should always express in ordinary language the meaning of the assumptions he admits, …"
"A planet full of people meant nothing against the dictates of economic necessity!"
"Economics is on the side of humanity now."
"“That voter, in my judgment,” he claims, “will be more likely to vote his economic interests than he will anything el…"
"Most of the presidential candidates' economic packages involve 'tax breaks,' which is when the government, amid great…"
"See, when the Government spends money, it creates jobs; whereas when the money is left in the hands of Taxpayers, God…"
"Life, liberty, and property do not exist because men have made laws. On the contrary, it was the fact that life, libe…"
"Our broken economies are lining the pockets of billionaires and big business at the expense of ordinary men and women…"
"How is property given? By restraining liberty; that is, by taking it away so far as necessary for the purpose. How is…"
"In fact, without any exaggeration, the current mechanism of money creation through credit is certainly the "cancer" t…"