What Went Wrong With Economics
I found this quote and link on the site of Otto Rock. It very succinctly puts the worth of the current crop of economic advisors and experts in their place:
It acknowledges that the discipline is subject to three critiques:
1) it helped cause the current economic crisis
2) It failed to see it coming
3) It doesn’t know how to fix it.
via naked capitalism: Guest Post: Linda Beale on What Went Wrong With Economics.
I find it quite amusing that the powers in government are following the advice of these same economists to get the economy out of the current problems.
More on this topic
(What's this?)
Guest Post: Linda Beale on What Went Wrong With Economics
(naked capitalism, 7/23/09)
The Market’s “Howard Beale” Moment
(Paul Kedrosky's Infectious Greed, 1/21/10)
Voting Independent or Not at All
(My Wealth Builder, 8/17/08)
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“What went wrong with economics” is: Economics lacks at least one fundamental foundation. Installing this fundamental will elevate Economics to another platform.
What is this fundamental? It is something that sciences cling on tightly, but economics does not. So, economics has departed from this fundamental, perhaps unconsciously.
What is it then? It is the Fundamental Axiom or Law of Causality, simply means: Cause gives rise to Effect, In = Out, Debit = Credit, a Source for every Outcome, etc which are common senses or self-evident truths.
Tell us in what way the Economics runs away from this fundamental? If you ask: You win, I win, everyone wins, who is the loser or provider of wealth? Most of economists will tell you that there is no loser. The Economics textbooks also say so. But it cannot be no loser, as it violates the fundamental Law of Causality. So, we must insist for the presence of loser, as dictated by the Fundamental Law of Causality. On this insistence, one great researcher by the name of HNM had successfully uncovered the mask of the loser after an effort of several decades. Needless to say, he has restored the Fundamental Law of Causality back to the economics and make it a strong and real science. Using his new theory, all events in the past or present could be explained with ease, and that it could even provide future policies and directions for our world.
If you are really interested to find out more, please write to me via my email: chinfuilan@yahoo.com