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Quotes from A Progressive View on the Need for a Paradigm Shift in Economics — John Komlos

born 1944 United States

← All quotes by John Komlos

23 quotes

Less anxiety, less insecurity and less crime. That's Capitalism with a human face, and you can read more about it in my textbook...

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

The economic playing field is not level.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

With [incomplete or] assymetric information [and that's practically always the case]... Stiglitz and Greenwald proved... markets are inefficient, and that should be the default model.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

Usually the relationship between the true unemployment rate and the official unemployment rate is 2:1.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

Future generations cannot influence our decisions today unless we approach the problem from a moral perspective.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

Most of the models pertain to perfect competition. Forget about it! The default model should be oligopoly or monopoly.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

Today 21% of [total] annual income goes to 1% of households. ...That cannot be the basis of a good democracy.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

We're not Robinson Crusoes. We live in a society and we're influenced by social forces, social processes, and that's not included in the DSGE models.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

Path dependence means that many processes are non-reversible... Poor people who go to poor schools... can't get into college and their whole life course is messed up...

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

Taxes are not all bad. ...[T]axes are used for infrastructure investments, for schooling, for basic research, and to bail out markets when they go haywire.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

Economists disregard the... crucial result that people can be conditioned and... corporations can take advantage of that.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

I am advocating... a new paradigm of humanistic Rawlsian economics which puts human beings at the center... and not income, not growth, not GNP...

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

The new normal is what I call Bailout capitalism because Ben Bernanke put a lot of money [creation of $trillions by the Federal Reserve] into the financial sector.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

[The need for [j]ustice [and morality] is innate in human beings, and mainstream economics neglects [ethics,] justice [and morality].

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

The Gallup poll says that half of the population is doing well, 52%... thriving, but the rest are either struggling or suffering... 44% struggling means that they have a very difficult time meeting their obligations. That's not a good economy.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

Reagan lowered the taxes on the top bracket and that made the [top] 1%... super rich.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

So adult economics, forget it!

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

[M]ainstream economics is fundamentally flawed [and] ignores the elephant in the room, which is the real existing economy.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

[J]ustice is as important as efficiency.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

Power is the ability to control the action or thought of others. ...The oligarchs use their power also to control the thinking. They invested heavily... to control the thinking of the population.

A Progressive View on the Need for a Paradigm Shift in Economics (2020)

Attribution

Quotes and notes from Wikiquote: John Komlos (page history), available under CC BY-SA 4.0.