My father and my professors all told me to deal with reality, so I am not an economist. They required that I was honest, so I am no politician. So I ended up writing about those from as real a perspective as may be. You’re welcome to argue as you please; I’m not custodian of any Revealed Truth. I just do the best that I can.
Government is a bunch of politicians elected by hoodwinking enough voters. Economists, mostly paid directly or indirectly by politicians, provide the excuses for political financial misbehavior. As economists don’t understand what they are doing, nobody else does either; that makes them hard to argue with.
Adam Smith wrote the first book on modern economics (The Wealth Of Nations)in 1776, the subject then more accurately referred to as “political economy.” He thereby became the Father of economics; they made him Commissioner of Customs in Scotland. He wrote that politically popular mercantilism was uneconomic and government should keep its hands off the economy.
Over a hundred years later in 1926, J.M. Keynes wrote a book that said that the government had a role in the economy, the politicians made HIM a Lord. And government has been increasing its economic role ever since. Further to that, most economists these days work directly or indirectly, for government. And most are today, some variety of Kaynesians. Hence, most ‘mainstream’ economics now is hogwash intended to justify what politicians want.
A comment circulating among economists:
“How many economists are required to screw in a light bulb? None … After leaving grad school, they just sit in the dark.”
Politicians want what is good for politicians, seems to me; they are willing to lie to and cheat the electorate as needed for it. The voters know that; they are not much different, voting for whatever will in their minds, benefit them. Voter s and politicians deserve each other. In short, listening to a politician simply provides you more hogwash.
An Austrian or reality rather than hogwash based economist (There are a few) recently listened to a slew of “Mainstream Economists” at a conference and wrote a short article about what he heard, with interpolations of his own reality. It’s a concise portrait of the ‘thinking’ or anyway, the sales hokum, that got us to where we are today. It’s worth reading, if you want to understand economic reality distinguished from the hogwash.
Another, shorter article by another reality-based economist gives four reasons why he believes that our puffed-up Federal Reserve money pumping economy is running out of steam and about to discumbobulate. He’s worth a read, too. One of his points, is that U.S. household net worth has been bounding upward as a percent of GDP since the 2008 crisis in spite of unemployment, a flat economy and record-setting numbers of folk on food stamps. He seems unconvinced that we’re all becoming rapidly richer.
Both articles are straightforward, no gobbldy-gook jargon. And in my opinion, no hogwash …I can understand them; then so can you if you’re interested in economic reality. May as well; you’re gonna live it, anyway!