John Rapley prices the belief of Nobel laureates George Akerlof and Robert Shiller that “storytelling is a ‘new variable’ for economics, considering ‘the cloth frames that underlie people’s choices are shaped by using the tales they tell themselves” (Greed is God, eleven July). Rapley refers to one story in the “secure” inform themselves about their privileged life being the “reward of life in a meritocratic society.” In his Creating Freedom, Raoul Martinez counters that story with miles more impressive.
Rapley then costs the American economist Wassily Leontief, also counseling in opposition to the risks of self-pride, calling for professors “to work more closely with other disciplines.” Kate Raworth in Doughnut Economics does simply that, imparting, for example, a lovable citation from Janine Benyus, “a central thinker and doer in the area of biomimicry”, who writes: “We are huge-brained animals, but we’re freshmen on earth, so we are nonetheless performing like babies awaiting Mother Nature to clean up after us.” The brilliant storyteller Naomi Klein concludes her No Is Not Enough with: “Here is what wishes to be understood in our bones: the spell of neoliberalism has been broken, beaten below the weight of lived enjoy and a mountain of evidence.”
These eminently readable books provide body-shaping, pleasing memories for summertime reading. It’s not dark, just inspiring.
• John Rapley misses the factor. As we display in our book Who Needs the Cuts: Myths of Economic Crisis, economics has lost its origins in moral philosophy. Adam Smith becomes, in fact, a professor of moral philosophy. Economists sought initial concepts in cash and social ethics from Bentham, Mill, Malthus, Pareto, and Keynes. Marx becomes, of a route, the most prominent example. Leading modern-day economists (we’d exclude consisting of Stiglitz, Sen, and Krugman) put money first and then make their peace with the sort of society that unfolds – frequently at one with resulting inequities. Rapley is inaccurate. The loss of nonsecular, ethical, and moral concerns defines economics’s modern-day pathology.
Saville Kushner, Emeritus professor
Barry Kushner, Labour Councilor
• “Economics … moves in cycles,” writes John Rapley. So, too, should cash, the lifeblood of the economy. The hassle is that the authorities have had their rightful vicinity at the heart of the financial system supplanted via active elite participants directing cash to choose economic system components, withering different parts through deficit, and inflicting fiscal imbalance.
Suppose the authorities had been to regain their cardinal position to direct the flow of money to all regions of the country and get hold of it back once more by way of taxation. In that case, it would have nourished the entire United States of America and abolished a tremendous number of taxes. This might be performed inside the predominant, using an extra wealth tax on organizations and individuals and a mere ordinary citizen’s income.
• I researched some American writers who were prompted using Henry George and found that his “single tax” on land values changed into consideration a heresy amongst “proper economists.” As John Rapley’s feedback, Milton Friedman became “one of the most influential economists of the late twentieth century.” Still, his belief that the unmarried tax on land values turned into “the least bad tax” went unnoticed by using admirers Margaret Thatcher and Ronald Reagan. Their countries eventually suffered close to terminal property fee crashes.
• John Rapley’s assessment of economics with faith omits one interesting detail. The University of Chicago’s branch of economics is now based in what became the college’s theological seminary previously. I questioned after walking beyond whether the chapel had been transformed into a shrine for Milton Friedman. However, it appears to be a scholar-standard room.
Liberal Democrat, House of Lords
• As I read John Rapley’s essay, I wondered: “When will he communicate the 2009 Nobel Economics prize winner, the overdue Prof. Elinor Ostrom?”
I was puzzled by uselessness. Why became her work, based totally on society and altruism, built into reputable institutions, not seen because the template for a financial “church” did not make the most selfishness?
Robin Le Mare
• Your long read, an edited extract of John Rapley’s Twilight of the Money Gods, activates attention to neoliberal economics. Free markets are usually right as soon as you have determined that the populace is dispensable. As the Aztecs decided centuries ago, human sacrifice makes the sector pass around.
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