Thursday, March 08, 2007

Face west towards Wall St and pray to Gittens

I don't mean to harp on just about Gittens- but I mean its like he wants the abuse. If he didn't try and pass himself off as an economist (or should that be a Gittonomist?) then I wouldn't get my back up so much.

Gittens tries to defend the arrogance of titling his new book "Gittinomics" claiming he is a demigod overlord of the economy (phew! I'd hate to have misinterpreted renaming a science after yourself as arrogant). But then backs it up with:
Most of the things capitalism has to offer us are good - provided we don't overdo them. Trouble is, the system is usually pressing us to overdo them.
As the overlord sees it- the problem with the capitalist system is that we don't behave how he would like us to. We anger the great Gittens with our selfish optimising.

3 comments:

J.M. Kaynes said...

Economic Rationalism isn't!

Tom N. said...

TBONE states: "As the overlord sees it - the problem with the capitalist system is that we don't behave how he would like us to. We anger the great Gittens with our selfish optimising."

Not true. Read Gittins carefully and I think you'll find that the problem is not selfish optimising per se; it is the externalities created in the process of selfish optimising. Proper economists take externalities - such as the effect of one person's consumption on another's expectations - seriously. Alas it seems that the "economists" who lurk in these parts take economics seriously only when it provides answers which accord with their free-market prejudices.

The Ordinary Bloke said...

Gittens doesn't think it a good idea that I work too much. 'Little Tommy' where is the externality if I work long hours?? And dont say on the family, because 2. what business is it of anyone. Gittens just loves to say how unhappy we all are and how wealth hasn't done anything for us. BULLO!

If he doesn't want to work hard, then good for him, but he should stop advocating policies that destroy incentives to work hard under the pretences of 'externalities' or that people 'don't know what's good for us'. Back off, and let me work and accrue capital!