LifeItself

Tonight, I switched from al Jazeera International to BBC World Service.  It took about twenty minutes before I quit with disgust and switched back. Here's what I saw.  Somewhere at the World Economic Forum in Davos, there was a stage lined with eight armchairs ready for a live BBC program.  Seated on the stage were Christine Lagarde, the current IMF director, a pretty African woman, likely representing the developing world, and several very important looking white men. I started watching the BBC Davos report when Ms. Lagarde made her points:  IMF is now anything but business as usual.  Three IMF economists did a lot of analytic work and arrived at the following conclusions: (1) Extreme income inequality is bad for economic growth , (2) income redistribution is good for growth , and (3) jobs for the masses keep people engaged and are good for sustainable growth . She told us that these points were met with great disbelief and scorn by her IMF colleagues, ...

...As sheep, that step from forth their fold, by one, Or pairs, or three at once; meanwhile the rest Stand fearfully, bending the eye and nose To ground, and what the foremost does, that do The others, gath'ring round her, if she stops... Dante Alighieri, Purgatorio , Canto 14 Most economists make it all too easy to bash them. When I think of how eerily detached from reality the main stream of economics is, I also recall the situation with corn ethanol in 2005.  Only two U.S. faculty, Dr. David Pimentel and I, went public against the nonsense that was being propagated throughout the society by the ill-informed greens, scientists, lobbyists, economists, venture-capitalists, lawmakers, and almost everyone in the media.  We were both savaged at the time and for a few more years.  Now everybody shrugs their arms and says pretty much what we were saying all along.  Today, Chapter 2 of the same nonsense, or the "second generation biofuels," is being closed at a g...