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Stumbling and Mumbling Paul says that rather than merely opposing austerity, the left should be pushing for supply side socialism that opposes managerialist capitalism.

I pretty sure he right, and very sure he be ignored. I say this because very many people are still blind to the problem of power. We see this in both serious and trivial issues. For example, why are there efforts to rein in bankers bonuses and CEOs pay, but almost none to constrain the origin of those authentic louis vuitton agenda big payouts, namely their power? Why do conventional economists spend so little time thinking about distributional issues, such as those between wages and profits? Why did Toby Young think it relevant that louis vuitton purses san antonio tx Lord Rennard doesn look like George Clooney, as if the issue were one of sex rather than power? Even Owen Jones, for all his virtues, seems afflicted by power blindness. Underneath louis vuitton alma celebrity the tubthumping, his call for "real alternatives to the failure of austerity" looks like just bogstandard Keynesianism that quite compatible with capitalism. It more Leijonhufvud than Luxemburg. Why is power blindness so ubiquitous? I blame cognitive biases, among them: 1. The just world illusion. People want to think we get what we deserve in this world. So just as they say rape victims were asking for it, they think high salaries are due to superstar effects rather than rent seeking. 2. The fundamental attribution error, when allied to the urge to moralize, causes us to louis vuitton alma ppm focus upon individual failures rather than structural ones. The phrase "greedy bankers" is a cliche, but the phrase "overly powerful bankers" is not. 3. Path dependence. It natural to think that anything that lasted a long time but be "natural" or immutable. Just as peasants thought it inevitable that lords would rule them, so we think today that it inevitable that there must always be bosses; the failre to distinguish between management and administration adds to this error. Now, you might object that I missed the point and that it just utopian to think that managerialist power can be abolished. Maybe so, in the short term. But it also utopian to think that monetary and fiscal policies can create lasting full employment, or that it is easy to raise long term growth.

Here, the left can learn from the right. A lot of what we now take for granted privatized utilities and emasculated trades unions were unthinkable once. But thanks in part to people preparing the intellectual ground, they went from unthinkable to inevitable quite quickly.


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