Tuesday, May 20, 2008

University of Chicago Economists -- now with extra mind-numbing stupidity; or "How we're in the mess we're in."

Two economists from the University of Chicago (home of Milton Freeman, famous tanker of economies, marijuana legalization advocate, and winner of the Nobel prize) have actually succeded in publishing a paper which (in their words) "shatters the conventional wisdom on growing inequality" (i.e., the conventional wisdom being that it is a bad thing that ever increasing amounts of the total wealth in the US is being concentrated in fewer and fewer hands) because those poor rich people aren't really that better off than the poor, as the stuff the rich buy, with all their good taste and stuff, costs so much more than the crap the poor buy. So, you know, pity parties all around. They got published. Man.

David Bowie circa 1997, Scary Monsters and Super Creeps.

H/T Economistsview.typepad.com


derekstaff said...

Ah, ah, you have to love the sophistry of the Chicago-School crowd.

I like the blog.

djinn said...

Don't insult sophists! I'm fond of all of those pre-platonists, myself.