Tuesday, April 20, 2010

Wrong and Right in Economics

Does free market neo-Classic economic thought and theory make any sense? It should make some. 15,000 univeristy-trained economics professors teach it, so then we should expect it to. You would think that there would be at least a little bit of sense in it. And it would seem surprising if this were not the case. Notice here that I am not saying I think that there is, or is not, but I just want to say 'that much' here for now. OK?

Let's hear an official of the Fed who (while carefully distancing himself from any conflict of interest with other officials of the Federal Reserve) wrote a book on the subject of the importance of not the economists' thought or academic society's thought in general (they support their culture, of course), but rather a related subject: the theories and philosophy of the "American Businessman." This is a 1964 book that looks at the peculiar and particular thought of the businessmen. Bunting (he's the author) says on page 5 that "what the business man thinks about economic policy is important, no matter how myth-laden his views may seem."

In other words, the views are important even if "myth-laden." I could say the same for economists: their views are important vis-a-vis the society even if they are totally wrong. Those views are the backstop we bounce our culture off, like a basketball. The book in question here is about the case of businessmen, circa 1964.
It is a very interesting case: the entire social class indulges in the same view at the same time. But is it the right view? That's another matter: the viewis culturally functional even if it is wrong.

Are we doing the same when we listen to our present economics language and economics ideas? Are we merely indulging a common language? It is dangerous. What does it mean to have a society, concentrated in economics, and with a wrong view of that economic life itself? Could it be that these economists are so far off that they cannot help us solve problems. Could it be that, relying on them, we will not even begin to find the answers that we need? That we are not capable of finding solutions?

Of course it is my hope that the set of alternative views here, but whether I can single-handedly turn this around would probably be unlikely. But, who knows? I hope this blog will be of some interest or some help, somehow. So I continue to do the good work, the good thing. I endeavor to continue, in order to develop it and improve my own writing -- until I am ready for the world, and they are ready for me.

I guess, then, what I am trying to do is create a sort of communication interface.

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