Re: Priceless: How The Federal Reserve Bought The Economics Profession

[David Farber <dave () farber net>]

Begin forwarded message:

From: Charles Brown <cbrown () flyingcircuit com>
Date: September 10, 2009 6:59:28 PM EDT
To: David Farber <dave () farber net>, Dewayne Hendricks <dewayne () warpspeed com 
>
Cc: Brown Charles <cbrown () flyingcircuit com>, Newmedia () aol com
Subject: Re: [IP] Priceless: How The Federal Reserve Bought The  
Economics Profession

Dave:

This problem is much older problem than the Fed paying off economists  
starting in the 1970's, as the article implies.  Since WW II the US  
(and other governments) have largely owned science and research.  It  
started with the complete mobilization of scientists to help fight  
that war and never ended.   Norbert Wiener had a lot to say about the  
seriousness of this problem at the time.

Chris Simpson's "Science of Coercion" is a good summary of how this  
launched the field of Communications Science.  The "takeover" of  
psychology by the Social Psychologists is another.  Simpson argues  
that essentially all of social science post-WW II was driven by  
military/intelligence agendas.

So, here's the dilemma.  Do we ask want MORE government dollars to  
fund technology research?  This was, of course, the conclusion of the  
FCC workshop on the Future Internet last week.

The specific issue of NOT predicting bubbles (which is the important  
topic, not monetary policy) dates back (at least) to a Fed-sponsored  
conference in the 90's.  I've been told by some involved that the  
participants were hand-picked to support Greenspan's conclusion that  
the timing of bubble collapses cannot be accurately predicted.  Baloney.

Remember that the current bubble is the second shoe to drop from the  
Internet Bubble.  Same crisis, same players.  In this cycle it was a  
"Double-Bubble" -- just as Carlota Perez predicted.

Mark Stahlman
New York City




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