Friday, August 12, 2011

Free Market champions don't know their history and their policy failures follow accordingly

"While history and ethnography know of various kinds of economies, most of them comprising the institution markets, they know of no economy prior to our own even approximately controlled and regulated by markets."   --Karl Polanyi

As Barry Ritholtz recently put quite succinctly,the sooner we recognize that the field of economics is a branch of Sociology and not Mathematics, the better off we will all be. 

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