Of Idiots Who Think They Know What Economics Is

You’ve probably had at least one course called "economics." Did it use
equations? Then it wasn’t economics. Did it refer to aggregates,
"interest rates," variables, "inflation is a rise in the average level
of prices," and "functions"? Then it wasn’t economics. Were none of its
statements referred back to the decisions and values of individuals and
the pricing system? Then it wasn’t economics.

For the past eight decades, what has been taught as economics, has been
the same tired fallacies advanced since the first man crawled out of a
cave, and which have been refuted constantly over the course of the two
and a half centuries previous to the 20th. The fallacies of Keynes,
Gesell, and the Mercantalists have gained authority, new disguises, and
have wormed their way into every class on economics. Those classes
have, for over three generations, produced people who are remarkably
consistent in rejecting economics. Look at any paper, and you will see
the results. Paul Krugman, for instance, perhaps the most famous
economist alive (How many words have been written about him, versus
Thomas Sowell and Walter Williams combined?), applying the broken window fallacy to 9/11 three days after the attack
in the New York Times. The world is awash in bullshit made even more
pernicious because it is the same bullshit our forefathers died
fighting against.

I cannot stand another dose of pseudo-mathematical voodoo masquerading
as economics.  I am close to strangling the next person who talks about
the "consumption function" with a serious face. If I see one more
spurious non-mathematical equation drawn on a chalk board, I will beat
someone unconscious with his own foot. I have had enough of it.

You can catch the rest of it, here. Via Kyle Bennett.

Richard Nikoley

I'm Richard Nikoley. Free The Animal began in 2003 and as of 2021, contains 5,000 posts. I blog what I wish...from health, diet, and food to travel and lifestyle; to politics, social antagonism, expat-living location and time independent—while you sleep—income. I celebrate the audacity and hubris to live by your own exclusive authority and take your own chances. Read More


  1. Francis W. Porretto on June 21, 2005 at 15:44

    And it is excellently well put!

  2. Kyle Bennett on June 22, 2005 at 08:00

    Francis, I like your blog a lot. Very thoughtful and goes a bit deeper than most. Sory to hear you'll have to slow down a bit.

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