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241

We won’t fix inflation while economists stay in denial about its causes (www.smh.com.au)

submitted 1 year ago by Zagorath@aussie.zone to c/australia@aussie.zone

34 comments fedilink hide all child comments

Non-paywall link.

TL;DR: economists are still stuck in the idea of the market as a perfect force for reaching optimal outcomes. They're ignoring the simple fact that businesses are putting prices up purely to increase profits. And that they can do this because the economic ideal of perfect competition (where many small firms compete with near-identical products) does not exist. We have a small number of very powerful businesses—oligopolies—in nearly every market for consumer-facing goods.

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[–] jonne@infosec.pub 0 points 1 year ago (1 children)

Who's going to fund the new economics building at the University, the working class or some billionaire? Better make sure you don't have any Marxists on staff.

[–] keeb420@kbin.social 3 points 1 year ago (1 children)

I'd rather my taxes go to better universities instead of the war machine. But that would require the government in this country to do a 180 from where they've had their priorities for the last 70+ years.

[–] jonne@infosec.pub 1 points 1 year ago* (last edited 1 year ago)

Well yeah, universities have been starved of government funding for decades, so they raised tuitions, and have been turning to philanthropy to build new infrastructure. And you can bet that the funding for that new building came with more strings attached than just naming it after John Q Richcunt.