The economy operating under planned uncertainty leaves itself a sparse solution set. Economists who get caught up in a deceptive policy with government end up pushing the economy to a worse equilibrium. They start a little fib, get entangled with politicians who take advantage, and they cannot escape the deception.
Hayek knew that any analysis of minimal government yields a progressive tax for central government,
Keynes knew that we suffer depression during major changes to transportation.
Romer knew that we suffered an oil constraint, as did Krugman,
Laffer knew where we sit on the Laffer curve.
Economist of all stripes know that High Speed trains are inefficient.
Obama knows that Obamacare only survives due to the waiver process.
The EMH advocates knew about sparse solutions due to uncertainty.
Bourdeaux knows that progressive taxes lead to reduced central government.
Greenspan knew the low interest rates in support of war lead to earlier collapse.
Ben knows that QE2 is a pump for the wealthy.
Orszag economic theory went through sudden change when he went to Citigroup.
Taylor knows his rule is indeterminate, Mankiw that progressive taxes are government reducing,
Liberal economists were quite aware that welfare policies were creating a greater poverty class.
They all still fear Malthus.
They do this hoping things will only be slightly worse, instead they are way worse. Government has been crowding the private sector out of the oil market for 10 years, I can go back to research, books and thesis that prove this time after time. The desire of elitism overcome the facts get them deliberately entangled, part of the uncertainty. They actual practice and teach being part of the uncertainty, each group of economists operating to find the balance between collective deceptions.
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