The Foolishness Of The Wise

Mainstream economists notoriously cannot agree nor predict; their construct, 'the economy' remains terra incognita until after some economic event. That results from the nature of their construct: the economy is no gestalt; it is aggregated people. So too, is government. Economists assume that their economy is assembled from 'economic men' who behave rationally, seeking economic gain and avoiding economic loss. Real human beings are as much emotion-driven as logic-driven and often, more so. Economic models remain unable to recognize that, let alone predict it. Austrian economists acknowledge it and often are better predictors, but nobody listens. Too many economists are therefore reduced to what amounts to building castles in the air or manufacturing excuses for politicians. It is worse with government. The American Founders strongly distrusted government, writing a Constitution that was largely a government impediment in the hope of protecting the people and favoring economic...(Read Full Article)