PARIS – The West is in crisis – and so is economics. Rates of return on investment are meager. Wages – and incomes generally – are stagnating for most people. Job satisfaction is down, especially among the young, and more working-age people are unwilling or unable to participate in the labor force. Many in France decided to give President Emmanuel Macron a try and now are protesting his policies. Many Americans decided to give Donald Trump a try, and have been similarly disappointed. And many in Britain looked to Brexit to improve their lives.
Yet economists have been largely mute on the underlying causes of this crisis and what, if anything, can be done to restore economic vigor. It is safe to say that the causes are not well understood. And they will not be understood until economists finally engage in the task of reshaping how economics is taught and practiced. In particular, the profession needs three revolutions that it still resists.
Economists engage in war crimes, they are taught dishonesty in universities, it started with MIT when Paul Samuelson was tasked by the defense department to lie, and they have never stopped lying. Today we have central bankers completely ignorant of banking, due to MIT and its ilk.
The first concerns the continuing neglect of imperfect knowledge.
This one is easy, break up the variance into its lines of symmetry and one can see precisely where one economist is lying and the voters is defrauded. What you find is that those closest to policy formulation are first in line, get the biggest bailout, and the remainder seethes until the next election whereby economists restart the same destructive cycle.
For example, takes Brad's chart, ask a hundred economists if they see a pattern. Those with no ax to grind will point out the symmetry right away, the cycles. Those with priors and and special exemptions will see no such pattern. The whole science has been designed around fakery, expectations they call it, but pure fraud is another more accurate term.
Your will find much better economics in the biology department that studies populations under stress. Biologists are sufficiently separated from the human endeavor, they are more accurate. A biologist, when asked, 'Why the sudden stop", will get out a microscope and tell you why the bacteria had a sudden stop. The economists first thought on looking at a sudden stop is whether his particular goodie is safe, the first and sometimes the only concern of an economist.
This kind of deception is quite common among the public sector professors nd we saw a ton of fraud from them justifying the pubic sector debt during the near bankruptcy, and now that we are back to bankruptcy, the professors will once again be generating fraud.
So, move economics back into biology of species where it belongs. Prohibit economists from discussing banking at all, they are constitutionally unable to understand it and they just cause cycles. So, instead of economics we get accountants with a calculus tool, not like Newtons tool, bu a tool based on structural analysis. Then let accountants compute an accurate (or fraudulant) measure of assets to liabilities, especially the variance between the two. Accountants who commit fraud are discovered, they do not hid under the expectations scam.
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