A Bizarre Theory That All Economists Believe

Back when I taught Economics to gullible undergrads, and to even more gullible grad students, I posed a conundrum. (I couldn’t push it too hard for fear of heresy.) But it’s actually not that difficult if put in straightforward terms, so those who have not been afflicted with Economics courses should bear with me. It…… Continue reading A Bizarre Theory That All Economists Believe

Don’t Blame Prof. Smith

Adam Smith, the Scottish Presbyterian minister and professor at Glasgow University in the 18th century, is often called the father of modern Economics. But he wasn’t an economist. He was, first and foremost, a moral philosopher, who wrote a book about political economy (as it was called for centuries) on the side. His more important…… Continue reading Don’t Blame Prof. Smith

Phantom Consumerism

Let’s look at Chapter 2 of William Cavanaugh’s, Being Consumed. It doesn’t take long to notice he’s saying that consumption is not really the problem. Acquisition is. We don’t want to consume stuff, we just want to get stuff. So It’s not the material enjoyment of consumption we’re really seeking. When we get it, we…… Continue reading Phantom Consumerism