Noam Chomsky: Free Market Fantasies

Discussion in 'Economics' started by SouthAmerica, Jun 14, 2011.

  1. June 14, 2011

    SouthAmerica: Noam Chomsky on Free Market Fantasies

    Noam Chomsky: Free Market Fantasies Part 1 of 5

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    Noam Chomsky

  2. 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.
  3. zdreg


    chomsky justified the murder of millions of cambodians by the khmer rouge. he is a dangerous person.
  4. Ya- I didn't know about that but he always struck me as a highly functioning narcissist... Like anyone who's ever looked at Chomsky's universal grammar would know its all bullshit.. but tens of thousands got degrees based on it.
  5. 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.
  6. I agree, he should not stray from his specialty. Except that his specialty is linguistics, not politics. In economics and politics he is a complete dolt and an icon of the militant left. Chomsky has not met a commie fascist he dislikes or a free marketer that he likes. Do not get confused by his credentials as an academic.
  7. Larson

    Larson Guest

    Don't waste your money. I had been thinking
    those textbooks written by Samuelson should be tossed out the window after this recent crisis. Some of these individuals believed there would never be another depression, owing to 1970's econ. theory. They are far more useless than any of Friedman's work.
  8. The free market does regulate itself but it does so in such a way that funnels money to a select few who have the means to hold wealth.

    The nature of the free market is skewed. If you want a free market that regulates itself then you're going to need a population in which every individual has equal ability to make and keep wealth. It is FACT that intelligence among people follows a normal distribution (ie. the bell curve). There will be dumb people and there will be smart people. Always. What's stopping the smart people from giving the dumb one a shitty job and then keep all the profits?

    A self regulating economy is just not possible!
  9. Eight


    There's winners and losers, get over it...

    Chomsky is the biggest spin artist marxist around... True that the USofA is doing what empires do, and they fail eventually, but in the meantime, if the Public Sector is part of the $ landscape and one can get rich off of it, well wow, go for it, Chomskyites will find a way to expand the Public Sector whether you do or don't......