Y\’know, that way that us neoliberals only ever spout blackboard economics. Purely theoretical stuff that takes no account of the real world beyond the ivory tower?
Just found out the details of where that \”blackboard economics\” (knew it was Coase but here\’s more) came from:
The reason that economists fall into this trap [of sometimes offering poor policy advice] is that they have become enamored of what Coase calls ‘blackboard economics’, an economics wherein economic policy is implemented on a blackboard in a world where the teacher has full information and plays the part of an omniscient government in imposing taxes, subsidies, regulations and programmes of redistribution, all of which serve to enhance societal well-being. The problem, says Coase, is that the teacher has no counterpart in the real world. The taxes, subsidies, regulations and redistributions are carried out by disparate and disconnected government agencies, each seeking to serve its own interest.
So, does that better describe neoliberalism or The Courageous State?