Saturday, February 14, 2009

When Economists Go Bad...

....it is usually because of political practices:
"Economics outside the academy has become the continuation of politics by other means. If you wish to know what Mr Krugman thinks on any policy question, do not read his scholarly writings; see which policies are advocated by the progressive wing of the Democratic party. Mr Krugman agrees with liberal Democrats about most things, and for the rest gives as much cover as the discipline of economics can provide – which, given its scientific limitations, is plenty. He does this even on matters where, if his scholarly work is any guide, the economics is firmly against his allies. Liberal Democrats are protectionists. Mr Krugman is not, but politics comes first."
And it really is unfortunate because fundamental economics disconnected from those that wish to practice social policy really has a lot to say about actually works in the economic affairs between people and nations. When politicians stir up economic grievances and use ethereal words like "economic justice" or "fairness", then that is when politicians will seize economic power and thereby increase their personal power. After all, one must always understand the ultimate objective of politicians and politics: increase the power of the government and bureaucracies. When you understand the motive, you understand the crime.

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