The lib machine drones on
-Geaux
Submitted by Pater Tenebrarum of Acting-Man blog,
The Problem of Economic Ignorance
The fact that economic ignorance is widespread is really a big problem in our view. Unfortunately even what is broadly considered the economic mainstream thought is riddled with stuff that we think just doesn't represent good economics. This is not meant to say that there is absolutely nothing worthwhile offered by the so-called mainstream. Often one comes across valuable insights and stimulating ideas. Still, there are a number of very fundamental issues on which various schools of economic thought don't agree – beginning with basic questions of methodology.
Regarding the place economics should have in our lives, Ludwig von Mises once wrote:
“Economics must not be relegated to classrooms and statistical offices and must not be left to esoteric circles. It is the philosophy of human life and action and concerns everybody and everything. It is the pith of civilization and of man's human existence.”
We agree wholeheartedly with this sentiment. There is little harm in leaving astronomy to astronomers and quantum physics to experts in theoretical physics. With economics it is different, because even though it is supposed to be wertfrei (value-free) as a science, economics necessarily has a political dimension, since politics is all about the acquisition and distribution of property by political (as opposed to economic) means. In other words, economic policy is the main topic around which politics revolves.
Read the rest here: Rolling Stone Resurrects Karl Marx (And No - It Was Not Satire) | Zero Hedge
-Geaux
Submitted by Pater Tenebrarum of Acting-Man blog,
The Problem of Economic Ignorance
The fact that economic ignorance is widespread is really a big problem in our view. Unfortunately even what is broadly considered the economic mainstream thought is riddled with stuff that we think just doesn't represent good economics. This is not meant to say that there is absolutely nothing worthwhile offered by the so-called mainstream. Often one comes across valuable insights and stimulating ideas. Still, there are a number of very fundamental issues on which various schools of economic thought don't agree – beginning with basic questions of methodology.
Regarding the place economics should have in our lives, Ludwig von Mises once wrote:
“Economics must not be relegated to classrooms and statistical offices and must not be left to esoteric circles. It is the philosophy of human life and action and concerns everybody and everything. It is the pith of civilization and of man's human existence.”
We agree wholeheartedly with this sentiment. There is little harm in leaving astronomy to astronomers and quantum physics to experts in theoretical physics. With economics it is different, because even though it is supposed to be wertfrei (value-free) as a science, economics necessarily has a political dimension, since politics is all about the acquisition and distribution of property by political (as opposed to economic) means. In other words, economic policy is the main topic around which politics revolves.
Read the rest here: Rolling Stone Resurrects Karl Marx (And No - It Was Not Satire) | Zero Hedge