From e-con-omics to eco-nomics? (August 1, 2011)
. . .
( “The Keynesians are using a screwdriver to hammer a nail. The monetarists are using a hammer to drive a screw. The wrong tool is selected because the challenge is not understood.”
) “So we are screwed and hammered?”
( “E-con-omists do not even recall the central tenet of economics. Resources are scarce. Not enough resources are available today to provide the growth needed to provide everyone with a first-world life style.”
) “You know that observation is politically unacceptable.”
( “The department of e-con-omics today should be merged with the department of religion. The e-con-omists are marketing voodoo.”
) “What about the department of psychology? Or the department of environmental sciences.”
( “What about creating a department of 3Es – energy, economics, and the environment? What about adding a class in Mega-eco-nomics to the traditional classes in Microeconomics and Macroeconomics?”
. . .
( “Economics is laden with rich irony. The use of the word ‘gross’ in ‘gross domestic product.’ The products and services often are gross.”
) “Look at the felicitous term ‘trickle down’ in ‘trickle down economic policies.’ The theory posits that all the money should be given to the wealthy and very little will trickle down to the populace. Should anyone be surprised that very little trickles down to the populace.”
( “And the Laffer Curve was worth a laugh but not much more.”
) “We need more eco-nomists who recognize and accommodate limits to growth even though the realization is anathema in today’s political climate.”
( “Very few are going to go quietly.”
. . .
Bumper stickers of the week:
You are stronger than the tool; the tool is smarter than you are.
Central Falls falls
The Senate confirmed Gary Locke as Ambassador to China by unanimous consent on July 27, 2011