Friday, 1 July 2011

An MP makes sense

No, I'm not making this up.

Steven Baker is the MP for Wycombe in the U.K. and he writes,
I had the great pleasure last night of speaking to the Economic Research Council on the subject of Political Economy and the Crisis. I argued that:

Economics should become political economy, embracing the problem of knowledge in the social sciences, morality (think Adam Smith’s Theory of Moral Sentiments) and public choice theory, in particular.
  • Classical liberalism is the most robust political economy.
  • The Austrian School offers important insights, particularly into business cycles and capital theory.
  • The Austrian School predicted and intellectually survived the crisis.
  • That reality is, or should be, a challenge to the contemporary paradigm.
  • The implications for financial reform are profound.
I wonder how many MPs in N.Z. have ever said such things!

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