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I am sure that there will be a truly 'worthwhile' post someday.
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I enjoyed the piece and am not being in any way facetious when I say this but what exactly is "rigourous" these days? Is it mathematical formalization of a tautology that we know isn't representative of the real world? Every school of economic analysis contains strains of ideology whether we wish to admit it or not. Economics, as a discipline, is strengthened when we incorporate different frames of reference --be it politics, sociology, geography-- and cross polinate to provide a fullsome picture for public policy purposes.
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Perhaps 40 years after the fact Americans have realized that their real wages are not rising and this is a pessimistic continuation of a long term trend? There isn't an easy prescription for this; those in the West working in tradeable sectors can expect a continuation of the prevailing trend. Raghu Rajan isn't on the same side of the political spectrum but he noticed it also:
Toggle Commented May 31, 2011 on Pessimism at Economist's View
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Free markets will always lead to the most efficient and effective outcomes. This naïveté is grounded in dogma rather than facts and needs to go into the dustbin of economic history; isn't there a place for "public goods" in society?
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Ayone interested in an introduction to Anthony Grayling can listen to CBC's (Canadian Broadcasting Corporation's) Ideas at this link:
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Jan 18, 2010