Reply to Nikolaos Karatsoris


It is an honor to get such a message. I hope you will not withhold any of your thinking. Of course, you are right that economics has devastated Greece. One of our advisory board members, James K. Galbraith, is intimately connected with the efforts to restore sanity to the Greek economy. But I understand that you, too, are deeply committed to understanding and disseminating real world economics, and that you may be more of a source than I may have imagined. 

It is our sad situation to be members of the profession that prescribed austerity and failed to deal with debt in a responsible way, and that cannot seem to design appropriate tools and means to get out of the mess. While I understand that many Greeks accept responsibility for what has happened to them, as some sort of internal failure, this belief is misplaced. Yes, there were shortcomings, but this sudden, radical change is not the result of those. The financial authorities are responsible for a crime. There is much more to say about that, but I will not go on here.

It is a great honor for our organization IDEAeconomics to have you as its founding public donor. I cannot remember a letter that has affected me so much as this one from you. You can be sure we are doing exactly what you have in mind, and part of that will be to give access to the knowledge that is convincing and useful and will give you confidence, not so much that you know what you know, but that the authorities do not know what they pretend to know.

Again. It is a great honor.