Australia, Altxor Publikoko nagusia
Bill Mitchell-en The fictional world of economics we blithely live in
This morning on the national radio, the Australian Treasurer was explaining to the nation the issues presented in the December – Mid-Year Economic and Fiscal Outlook (MYEFO) – which is a half-yearly review of the fiscal statement presented in the May each year (mostly) and was released to the public yesterday (December 16, 2019). I will get into some of the detail presently. But every statement that the Treasurer made, every sentence, was a classic example of fake knowledge being touted as verity. The interview lasted a few minutes and nothing the Treasurer said was correct. It is clear that we live in a fictional world where some of the most important influences on our lives are so misunderstood in reality yet ‘understood’ in this fictional world that the economists, the elites, the serving politicians, and us perpetuate. I have always been perplexed by the dichotomy between our human ingenuity in some areas and our dumbness and ignorance in other areas. And I clearly understand we cannot know everything. But on matters economics, if I survey people, I am astounded at how much they claim to ‘know’ – words such as Zimbabwe, hyperinflation, and the rest of the myths – come of their lips with ease as if they are knowledge. It is a quite extraordinary situation.
Thomas Fazi and I recently published an Op Ed in Social Europe (October 20, 2017) – Everything You Know About Neoliberalism Is Wrong, which is a precis of the main arguments in our new book Reclaiming the State: A Progressive Vision of Sovereignty for a Post-Neoliberal World (Pluto Books, 2017). It seems that our message resonates with a lot of people. And, inasmuch as it is deeply critical of the extant Left position on ‘internationalism’ who continually seem to live in terror of those amorphous financial markets just waiting for a chance to send a nation state bankrupt, it seems to have also upset some who I consider to be the ‘lost’ mainstream Left. One such critic accuses us of using a “presumptuous title” but he is seemingly unable to capture the pop culture irony that is inherent in the choice. Just a bit of fun Andrew. Since when is comedy presumptuous? But failing to grasp the subtlety of the title is just the start. Things go downhill from there.
The title is my current working title for a book I am finalising over the next few months on the Eurozone. If all goes well (and it should) it will be published in both Italian and English by very well-known publishers. The publication date for the Italian edition is tentatively late April to early May 2014. The book will be about 180 pages long. Given the time constraints I plan to devote most of my blog time over the next 3 months to the production of the book. I will of-course break that pattern when there is a major data release and/or some influential person says something stupid or something sensible. I hope the daily additions will be of interest to you all. A lot has to be done! Because the drafting has to be tighter than the normal stream of consciousness that forms my usual blogs, the daily quotient is likely to be shorter. I also have some happy new year comments at the end today! But if you get bored before then – Happy New Year!