Saturday, October 30, 2010

The Church of Economics

Great article from Caplan:

Imagine a so-called scientific discipline based on the proposition that humans invariably act on the basis of rational calculation and complete knowledge. This is not science; it’s blind, irrational faith.

Imagine promoting an economic system that busts as often as it booms and that always leaves an abundance of losers in its wake.

Imagine belonging to that fraternity of maven who are responsible for the economic and financial meltdown of the past two years.

Imagine that your “science” proffers wrong answers as often as right ones. Imagine that you make weather forecasters look prescient.

Imagine insisting that in return for much-needed loans, poor countries must agree to exactly the same kind of reckless de-regulation that enabled Wall Street to trigger the global economic meltdown.

No comments:

Post a Comment