The utter contempt which our masters reserve for hoi polloi, the common herd, is on display in a paper written by one Dr. Athreya, an economist with the Federal Reserve of Richmond. The learned doctor is intent on showing just how stupid and unqualified to comment on economic policy are all but those with a PhD in economics (or Economics, as he is fain to write it) "from a good school." To that end he deploys a prose that is all but impenetrable. I have contributed no earth-shaking ideas to Economics and work fundamentally as a worker bee chipping away with known tools at portions of larger problems. "Worker bee chipping away with known tools"? I was unaware that worker bees use tools of any description, known or unknown. Is the man in a quarry? Mining fool's gold perhaps? Maybe it takes a PhD in Economics. I was trying to get my head wrapped around the image of Apis mellifera chipping away with some known-but-unknown tools when the doctor conjured up a vision of the Lady...(Read Full Post)