WHERE OUR ECONOMIC SYSTEM IS CONCERNED, NOT ONLY ARE MANY OF THE ASSUMPTIONS WE MAKE ABOUT IT WRONG—BUT THEY HAVE BEEN WELL AND THOROUGHLY DEMONSTRATED TO BE WRONG
YET WE CONTINUE AS IF EVERYTHING WAS –AND CONTINUES TO BE—WORKING FINE
“There is nowt so daft as folks!”
I love economics, regard it as an entirely valid field of study, but spent a great deal of time at university rejecting what I was taught.
History has largely proved me right. Yet, we continue to operate our economy largely as if ECONOMICS (as taught in Samuelson, for instance) is ordained truth—even while we know it isn’t. The feeling amongst economists seems to be that if we admit the emperor has no clothes, the economics profession will vanish, and we’ll all be out in the streets, tin cup in hand, seeing if our demands are met by supply.
The situation would be bad enough if we only had our economists behaving as witch-doctors, but the situation is made much worse by extreme Right Wing Republicans (Is there any other kind these days?) spouting theories—based on ideologies—which have already been well proven—under real-life conditions over many years) to be utterly and completely wrong.
The sad fact is that there are answers to most of our economic problems out there, but those who have the influence and power to effect the required changes aren’t interested, and have their own agendas.
And so U.S. decline continues.