Reply to post: Economics and Economists

NEVER MIND the B*LLOCKS Osbo peddles, deficits don't really matter

Anonymous Coward
Anonymous Coward

Economics and Economists

Karl Marx criticised economists calling them "the sycophants of the bourgeoisie." They responded by becoming the sycophants of the political left. Now, the all favour socialism to one degree or another. In their haste to establish economics as a science with the same standing as physics or chemistry, they forget that the heart of economics is human action. People are not always rational and they seldom think in terms longer than the end of their next pay period.

The real danger, as Mister Worstall correctly pointed out, is the accumulated debt and the interest due on that accrued debt. You cannot, no matter how hard you try, spend your way into prosperity, yet this is precisely what the current crop of economists insist that we do. They do not realize that it is savings that matter more than spending. They have it completely backward. Savings and deflation are good things. Spending and inflation are like drinking too much. It fouls up your behaviour and ruins your health.

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