Thanks to Kathlene Carney for this article.
The year 2009 will witness a tsunami of appeals to economists to fix, as disgraced Federal Reserve chairman Alan Greenspan put it, the “flaw” in their thinking. Most will get it wrong.
The proposals for bailouts, regulations and government spending sprees all share one tragic flaw: they assume no physical or biological limits to human growth. Most economists cling to an 18th century mechanical universe that conjured an “invisible hand” of God, that would allegedly convert private greed into public utopia.
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