Neoclassical economists are fuelling neo-Nazism

by Steve Keen
Published 7:16 AM, 15 Oct 2012

Whenever I fear that my well of inspiration for this blog might run dry, my neoclassical mates rush to the rescue with some priceless pearl of wisdom that simply demands a rejoinder. They are the Abbotts to my Costello (and I’m not talking Australian politics here – though the Tony and Julia show reached truly great heights with Gillard’s recent brilliant oratory on misogyny).

Today’s helping hand was a comment from French economist Olivier Blanchard. He qualifies as a serial offender on the comic statements front, since when wearing the hat of founding editor of the American Economic Review: Macroeconomics, he uttered the now immortal line that “the state of macro [economic theory] is good” – one year and six days after the financial crisis began.