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Macroeconomic Miasma

In: GLOBAL ECONOMIC TURMOIL AND THE PUBLIC GOOD

Author

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  • Steven Rosefielde
  • Daniel Quinn Mills

Abstract

Macroeconomic miasma has crippled the response to financial crises and undermined economic growth. Politicians, scholars and citizens want to believe that employment, aggregate economic activity, growth, wages, prices, and interest rates not only can be explained by a few elementary variables, but can be precisely controlled by monetary and fiscal policy. They want to believe that the macroeconomy is transparently deterministic, is easily determined for the common good and therefore that the machinations of insiders should they occur are of little consequence. This desire has created a toxic atmosphere (miasma) enabling politarchs to degrade and warp the economy for their private purposes, while claiming to wisely mix monetary and fiscal policies in response to the popular will. Macroeconomic miasma provides an excuse for excessive state and private leveraging is a principal cause of the west's failure to prevent economic crises and decay…

Suggested Citation

  • Steven Rosefielde & Daniel Quinn Mills, 2015. "Macroeconomic Miasma," World Scientific Book Chapters, in: GLOBAL ECONOMIC TURMOIL AND THE PUBLIC GOOD, chapter 10, pages 127-136, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814590518_0010
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