Economist Richard Wolff spoke to Bill Moyers not long ago about what he describes as capitalism running wild, or in other words how our current economic system actually functions in reality.

What stood out for me were his observations on his own educational experiences at some of most elite institutions like Harvard, Princeton and so on, in that he noticed in his area of study, economics, there were in fact two departments.  One was the economics department where theories about how the market knows best and equality of opportunity in an idealized world were taught.  Then there were the business schools where students were taught how the economy actually works outside of these theoretical abstractions.

What’s interesting is how he noticed that the economics department was the only one that boasted this sort of schizophrenia.  One didn’t have two anthropology departments, or two philosophy departments.  But economics did, which I suppose could lead one to the conclusion that out of all the departments within these institutions it’s the one that needs this partition because formal economic theories about infallible markets simply do not reflect what goes on in the real world.

Go figure.

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