In his February 10th essay, New York Times columnist Joe Nocera asked a simple question: “Can a person support the Keystone XL oil pipeline and still believe that global warming poses a serious threat?”
There are two dogmas that neoclassical economists must never publicly doubt lest they be defrocked by their professional priesthood: first, that growth in GDP is always good and is the solution to most problems; second, that free international trade is mutually beneficial thanks to the growth-promoting principle of comparative advantage. These two cracked pillars “support” nearly all the policy advice given by mainstream economists to governments.
I spoke last Thursday at the Congressional Progressive Caucus Policy Summit in Baltimore on how our work at Capital Institute might have relevance to the 2012 Congress’s financial reform agenda. These are the hopes I shared for how policy could shape the Future of Finance: