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Alternative Visions – Stimulus Negotiations Update + Nobel Prize for Economic Ideology

Dr. Rasmus provides an update on latest status of stimulus negotiations in Congress this past week: How Pelosi refused to fall for Trump-McConnell latest trick. What’s possible next week. Much of today’s show discusses the recent Nobel prize in economics given to two Standford University professors for their contribution to showing how (auction) markets are efficient. Rasmus explains how their view is just another iteration of ‘efficient markets theory’ debunked by the events of 2008-09. Nevertheless, the Nobel group keeps giving awards to pro-free market theories that argue capitalist markets are efficient and therefore superior to government. Is it economic ‘science’ or economic ‘ideology’, supporting the fiction that markets always produce the best prices—and therefore the government should sell off (privatize) public goods (wireless spectrum) using auction markets at a lower price than it might sell otherwise. What are the hallmarks and indicators of ‘economic ideology’ (ideology defined as misrepresentation of reality, facts, & truth)?

 

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