It’s All Voodoo Economics
Liberal and/or progressive economics is a field where the term “epic fail” comes to mind. Predictive power? None noted. Explanatory power? None noted. Usefulness in generating governmental policy? Less than zero.
Bill Frezza points this out nicely. His thinking is aligned with those who think the Nobel Prize for economics is some sort of unfunny insider joke.
My thought is that liberal economists should start viewing government “intervention” in the economy as Phil Jackson viewed Judd Buechler, a member of the many championship teams of the Chicago Bulls of the 1990s: Judd (and government) have their place in the game and for optimal results, it’s pretty limited. Judd (and government) can’t win games for you, but they can lose them. Judd (and government) need to largely get out of the way and let the heavy lifters do the heavy lifting.
As Wikipedia offers, Buechler
is the all-time NBA leader in “trillions” (logging playing time in a game but not getting anything for the stat sheet, resulting in a number followed by 12 zeroes), with 55.