He really doesn’t understand economics in the slightest, does he?

What the cowardly state does is look at an issue, and then walk away from it, suggesting that whatever a government might do the market could do better. This is, of course, the logic inherent in microeconomic theory as taught to the vast majority of undergraduates who study that subject.

EH?

Microeconomics says that markets always do better than governments? That no intervention, no correction, of market activity can ever be useful?

Has he ever actually cracked open an economics book?

Here is the GCSE economics syllabus. Note, GCSE, not even A Level.

6. Market failure

There are only six sections in microeconomics. Market failure is thus one sixth of the microeconomics course.

Students explore the meaning of market failure and gain an understanding that the market mechanism does not always allocate resources efficiently. Students will explore the costs associated with misallocation of resources, and how government intervention can counter this.

One sixth of the GCSE microeconomics course. And yet Snippa perpetrates the nonsense that microeconomics teaches markets are always best?

It would actually be rather fun to impose a test on the Senior Lecturer. Could he, today and without further preparation, actually pass economics GCSE?

6 comments on “He really doesn’t understand economics in the slightest, does he?

  1. It would be interesting to see how many journalists, even those who report on financial markets, could pass GCSE economics. I’m guessing about 3 or 4 at most

  2. On reflection, based on swift perusal of their works, the same assumption probably holds true for people such as Piketty and Ha Joon Chang

  3. Could he, today and without further preparation, actually pass economics GCSE?

    If he didn’t he’d declare was a neoliberal construct and walk away as if nothing had happened.

    The longer this goes on, the more convinced I am that he is the William McGonagall of economics. When it comes to tax, he’s the Famous Eccles without the charm.

  4. What the cowardly state does is look at an issue, and then walk away from it

    Yes, of course, we shouldn’t forget those brave politicians – a profession known for it’s courageous selflessness – who fight the natural human instinct for self(job)-preservation and promise people impossible results using someone else’s money. Heroes, all.

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