Economic ‘experts’ from the mainstream media act as though crony capitalism is the only game in town


We always need to be sceptical of the mainstream media, but arguably the area where we need to be more so than any other is that of economics.


Article by Dean Baker in Center for Econopic Policy and Research on February 21, 2018

It Wasn’t the Market that Made Elites Incredibly Rich, It was Elites Rigging the Market to Make Themselves Incredibly Rich

None of the rules we have in place that redistribute upward were given to us by the market. They were the result of deliberate economic policy.


When legislation is passed that cuts corporate taxes it is chiselled into concrete, yet when it redistributes wealth among the lower classes it is written on tissue paper.

The reason that quote is rather clunky is that it’s mine, and I’m far from a qualified economist, but FWIW I reckon the #AppleTax issue and way the Irish government protects its corporate tax rate are at the forefront of a status quo that is generally accepted as ‘untouchable’ and similar thinking exists in other western countries.

For that reason Baker’s quote from his article is what inspired me to write this post, but the wider point is that when it comes to economics we have to look beyond what the ‘experts’ put forward by the mainstream media say, and that is where the internet comes in.

I’m not saying we have to agree with the thoughts of people like Richard Wolf, but if we are to have a full discussion on any topic it seems a no-brainer to at least discuss the alternatives and even a massive crash like that we experienced ten years ago wasn’t enough to have us wondering if  allowing the top corporate players to run the economy wasn’t the best idea. Since then elected representatives who dare to oppose austerity are virtual outcasts both in the Dáil and in media coverage of same.

So that’s my point…but if you’re on for getting more specific, check out this Op-ed in the NYT and then read Baker’s reply.

While Economics is an academic field in its own right, there’s no reason why we the voters can’t educate ourselves to a decent standard on it once we know where to look, and more importantly, where to be sceptical.  JLP