Noam Chomsky: Free Market Fantasies
June 14, 2011
SouthAmerica: Noam Chomsky on Free Market Fantasies
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Chomsky is good on politics but should stay out of economics.
I don't get it why people step away from their speciality.
It must be vanity.
chomsky justified the murder of millions of cambodians by the khmer rouge. he is a dangerous person.
A big government man from way back--in an edition of his best-selling college textbook Economics, he argued that "the remarkable fact is not how much government does to control economic activity, but how much it does not do"-- Samuelson, now 93, gave an interview not long ago. The current crisis, he claimed, validates his own economic views--and invalidates those of his longtime rival, the late free-market economist Milton Friedman.
"Today we see how utterly mistaken was the Milton Friedman notion that a market system can regulate itself," Samuelson said. " ... Everyone understands now, on the contrary, that there can be no solution without government. The Keynesian idea is once again accepted that fiscal policy and deficit spending has a major role to play in guiding a market economy. I wish Friedman were still alive so he could witness how his extremism led to the defeat of his own ideas."
------Source: Paul Samuelson Vs. Milton Friedman
When it comes to Eco, go with the empiricists like Samuelson. I've got 2 books by the big guy on the way and am trying to think who else out there is worth a read. Just FYI, I was going to get his Linear Programming book but that was written in the 80's and am assuming there is a more modern update to that subject.
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