“The Blindness of Modern Economists”
In the news (from Casey Research): “The contrast between mainstream academic economics and “real world economics” has always been stark, but today the disconnect is so enormous that it seems the two have nothing at all in common. If you were to ask Paul Krugman and Doug Casey how to fix what ails our economy, you’d get two diametrically opposed answers. …
“Mainstream economics relies heavily on mathematics, whereas real-world economics shuns it.
“In the hard sciences like physics or chemistry, fields based on immutable natural laws, focusing on math produces the best results. Economics, on the other hand, is a social science and attempts to explain human behavior—arguably the most fickle of actions, and no more mathematically quantifiable than the exact degree of mortification when throwing up on the dress of your 12th-grade crush at a high school reunion. Which, of course, has never happened to anyone we know.
“In the hallowed halls of academia, you need not be correct to be useful. In the world of business, if you’re wrong more often than you’re right, you won’t stay in business for long. In contrast, academic economists can and have made very successful careers out of being apologists for the regime. No matter that they’ve been dead wrong in virtually every forecast they’ve ever made: as long as their forecasts align with their peers’, they can collectively claim, for example, that no one could have ever seen the financial crisis coming. …
“My guess is that academics are bitter about this fact, and believe that because the free market doesn’t adequately reward them, there must be something wrong with it. They correctly understand that oftentimes, the only way for them to obtain a lot of money is to steal it via the government; and because that principle applies to their line of work, it must apply to all others too. …
“Mainstream economists believe that aggregate demand—the total demand for goods and services in the economy at a given time and price level—is the wellspring from which all prosperity emerges, and so anything that increases aggregate demand must be positive, even otherwise wasteful government spending. Economists also use these as an excuse to make laughably rosy forecasts.”
My Comment: There is the elite above economists who dictates to them what to do. It could be said as was once said by the Soviet elite about cybernetics: “Economics is the whore of imperialism.”
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Very powerful!
1. Are the proponents of these two differing views beginning to work together to bring solutions to the marketplace at all levels?
2. If they are not working together how can the proponents behind these differing views, mainstream and real-world economics work together in order to begin to bring solutions to humanity?
When one plays with the word “economy” or “economies” one naturally sees that the prefix eco, which is said to be related to the ecology of an environment coupled with the next 2 letters that form the word no and the last 2 forming my. So this word economy naturally conveys the idea of “there are no individual my’s or mies” the implications thus are that economy is a development of the ego and therefore in order for the economy to repair itself this requires reeducation of how our ego is directly connected to the performance positive or negative to that of the economy.
I do not work in the financial field nor am I aware of efforts outside of BB that is directly attempting to educate people by creatively presenting how the two are interconnected.
Any feed back would be greatly appreciated.
Thank you!