Page 18-28 Francis Fukuyama, Prof. of International Political Economy at Johns Hopkins University published "The Role of Economists in the Financial Debacle: He cited John M. Keynes: "The role of economists and political philsophers-both when they are right or wrong, are more powerful than is commonly understood." I agree with this quotable quote 100%.
Comment: I am a student of economics and philosophy since early 1940s but I do not have any clout. Fukuyama wrote: "The truth is that the mathematization of contemporary academic economics lends spurious precision to a field than is pervaded by questionable premises, over-simplified models and ideological bias.
Page 23: Americans have proven to be remarkably rigid in their economic thinking.
Page 22: "As Deng Xiaoping said, 'It doesn't matter whether a cat is black or white, as long as it catches mice.' A case in point for experimentation and adaptation of market liberalization.
Few academic economists gain prestige by doing interdisciplinary policy work. The fact of the matter is that applying theories to the real world requires mastering a good deal of knowledge about other social sciences.
Comment: "Work and Study Cycle Theory" is applicable to the real world in the 21st century. Cf. "The Future of Community Colleges" published by the Congressional Record,July 18, 1974 for reference.
Francis Shieh a.k.a. Xie Shihao on Sunday,Sept. 6, 2009 at 6.06 p.m.
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