More Goofball Economics

Today's NY Times has yet another economist in action. Nancy Folbre, whose byline in today's blog puts her at University of Massachusetts as an "economics professor," argues that "...most ordinary people understand that the incentives built into the global capitalist system tend to reward some very bad behaviors." She then goes on to list things like "dumping waste products into the environment" and other capitalistic ills.

That would suggest that where there is no capitalism, there must be no real environmental damage. Is she kidding? The non-capitalist countries lead the league in environmental pollution. Try breathing the air in a typical non-capitalist country. I guess Professor Folbre doesn't travel much.

So, what does Professor Folbre recommend? She cites "calls for changes to articles of incorporation that would allow companies to pursue social missions without fear of shareholder litigation." What a great idea! Who would buy stocks with the knowledge that companies could toss company assets down the chute in pursuit of whatever "social mission" that Professor Folbre approves of? Do we all agree what a "social mission" is? Is my social mission the same as your social mission?

What is truly unbelievable is that Professor Folbre teaches young minds about economics. No mention in her blog today that only countries with capitalism can afford professors who indulge in this kind of nonsense. Countries without capitalism and who pursue "social missions" are mired in poverty, corruption, and, yes, environmental degradation. The non-capitalist countries don't have the luxury of blog-writing economics professors who detest capitalism.


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