UNCONVENTIONAL WISDOM

E Ray Canterbery

Chapter 3 in Inequality and Global Supra-surplus Capitalism, 2018, pp 39-45 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Before unconventional wisdom came conventional wisdom, a term that has become part of the global lexicon. Many elements contribute to the acceptability of ideas. We often associate truth with convenience; that is, with what most closely aligns with self-interest and personal well-being or in the least promises to best avoid awkward effort or unwelcome dislocation of life. Most acceptable is what contributes to self-esteem. We like to hear speeches from those which we best understand. No self-respecting Republican will listen intently to a speech by a Democrat, no matter how much sense the speech-maker is making, and vice-versa. The understanding of economic and social behavior is complex and mentally tiring. We are always looking for short-cuts to the understanding of complex subjects or issues. In this regard, vested interests play a big role. Frequently we react with something like religious passion in the defense of what we have so laboriously mastered. In this regard familiarity does not bred contempt. Familiarity in the realm of social ideas is the touchstone of acceptability.

Keywords: Capitalism; Production Surpluses; Supra-surpluses; Casino Economy; Inequality; Vita Theory; Great Recession; Subsistence; Minimum Wage; Markup; Kaleckian Power; Stagnation; Innovation; Technological Advance; Income Distribution; Wealth Distribution; Fiscal Policy; Monetary Policy; Incomes Policy; Zero-interest Rate Society; Trump; 2016 Campaign; John Kenneth Galbraith; Conventional Wisdom; Expectations; Budget Shares; Veblenian Demand; Engel's Law; Casino Effect; Economic Power (search for similar items in EconPapers)
JEL-codes: N00 (search for similar items in EconPapers)
Date: 2018
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