Guns & Butter: The Vocabulary of Economic Deception

submitted by Tom_Bombadil from michael-hudson.com

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[–]FormosaOolong 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (1 child)

Wow, this guy is so clear. I'm so glad that he is addressing the misappropriation of language, as it's so rampant now, along with its cousins regulatory capture, dog-whistling, and whatever you call all those agencies and NGOs that do the opposite of what they are named.

[–]Tom_Bombadil[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

The tragedy is that there classical economic thought isn't even taught in universitys.
Modern economics ignores the basic principles that allowed the free market to develop present for every member of the community.
Today students no longer lean the basics. Back fees and interest are both considered profit for the economy, rather than a tax.

Edit: Great point, by the way! :-)