Economics Economyths: The Five Stages of Economic Grief

[Hortensis]

3. I've read that hard-right economic concepts once considered ridiculous

and far from respectable have been increasingly taught in universities across the country for the past few decades. This was accomplished by members of the exploding ultrawealthy class buying them in, through large donations and especially by founding new "schools" within colleges that taught these concepts. This happened in many disciplines, not just econ, as part of a systematic attempt to move the whole nation right. So our colleges and universities have been increasingly graduating students inculcated with hard right, anti-liberal ideas for 30 years now.

Funny that you mention Laffer's theories. When I took intro macro looong ago, our text was a new edition and the first day of class, the very first thing, our professor had us go to page whatever and cross out the section on the Laffer curve. He didn't explain what it was, just cross it out in our shiny, expensive new books. This was so long ago that the huge Laffer experiment under Reagan hadn't even failed and plunged us into debt yet, but our professor already knew it was bogus. And here it was being presented in the newest edition of a textbook used in many colleges, for all the world as if it was a widely observed and accepted dynamic.