Economics is not a “hard” science. It’s a soft one (actually it’s not a “science” at all), so those who try to predict the future are always wrong and are only right in the way a stopped clock is right. It’s not physics where you if you shoot a rocket at the moon you know where it’s going to hit. Economists don’t know where their theories are going to hit no matter how much they assure us they do.
I took four economics classes in college. I took proficiency tests for Introduction to Micro and Macro and made an A and a B. The dean came out and shook my hand and said what I had done was almost impossible. Then I took Intermediate Macro and Micro as classes, thought, “This is a bunch of crap” and never took another class.
One doesn’t need any classes at all to understand basic economics. All you have to do is study the basic concepts, think about them, and then understand them. Beyond that, you don’t need much.
When I was about 21 years old I was on an Amtrak listening to the guy behind me. He was clearly working on a PhD in Economics because he was babbling nonsense. “Cost-push” and “demand-pull” inflation” and other nonsensical concepts (inflation is an increase in money and credit, nothing else). And he was so confident in his delusions. I remember just shaking my head.
I don’t listen to any economists. I haven’t for decades. Again, they babble nonsense. It used to be economists analyzed the economy to find out how it worked. That’s what Adam Smith did. Now they invent nonsensical concepts and then try to apply them.
About a year or so ago I read an article by a Jewish economist, all of whom are incompetent (I once had a retired college professor refer to economics as “Jewish engineering,” which is an oxymoron if there ever was one – the first nothing but a soft science and the second a hard science).
This fool was babbling that if we had completely open borders “world GNP would double.” See what I mean by incompetent? It wouldn’t double; it stagnate or go down, because when you have different tribes trying to share the same land you what you end up with is fighting and murder. Look at all the crime non-Western immigrants have brought to the U.S. (every day when I turn on the news I always wonder, “How many Americans have Muslims murdered today?”).
An economist may have a genius-level IQ but no common sense (I refer to such people as “high-IQ idiots”). Paul Krugman is a perfect example of one.
Krugman decided to become an economist after reading Isaac Asimov’s Foundation Trilogy which I read when I was 12 and even then knew some of the concepts in it were nonsense, such as the “psychohistorian” Hari Seldon predicting the future of the Galaxy ten thousand years courtesy of a hand-held calculator.
Clearly Krugman thinks he’s a modern-day Hari Seldon. What he is, instead, is deluded and incompetent. His opinion on anything should be dismissed (he still thinks the government can spend the country into prosperity by increasing the deficit).
Most economists are globalists, which means they don’t have a clue that sending our knowledge and wealth to China would lead to them stabbing us in the back, just the way they didn’t have a clue about us sending our wealth and knowledge to the Middle East for their oil would lead to the same back-stabbing (we sent money and material to the Soviet Union during WWII and they responded by another back-stabbing, which is why we ended up in Korea and Vietnam).
This is what comes of having no common sense.
The reason you never hear of OPEC anymore is because the U.S. destroyed it by becoming more energy-independent (and we are going to be completely energy-independent in several more years). And when I was in my teens OPEC was always in the news because the cost of gas had skyrocketed (meaning from 32 cents a gallon to over a dollar), gas stations were closed on certain days and cars had to wait in line for an hour, which led to fights between drivers. When’s the last time you saw that? When I was a teenager, that’s when. Those days are gone.
I can remember when Carter wore sweaters in the White House and turned down the thermostat and urged everyone else to do the same. To save oil because we were running out of it (apparently we have only used 1% to 2% of the oil and natural gas in the world).
Economics used to be called “political economy” because it was a combination of economics and political science. That was more realistic.
What’s even more realistic is to take into account culture, race, religion and ethnic group (the idea that Africans, with a mean IQ of 70, are going to survive and flourish in countries that have a mean IQ of 100, defies all common sense).
That reminds me that “Muhammad Ali,” (who unwittingly named himself after the biggest Muslim slaver of his era) who had an IQ of 78 in high school, was listed as “borderline retarded” and admitted he could barely read and write. I’ve dealt with many such stupid people and have found they can’t add or subtract either. “Five take away seven” leaves them dumbfounded.
I recently read an article that Trump’s father told him his family’s success was genetic, and that Donald Trump said he inherited his “good brain.” And Trump is German/Swedish.
I’ve read quite a few older novels, such as Gone with the Wind and The Shepherd of the Hills, and there were comments in them about how people were more concerned with breeding horses and dogs than better people.
Flooding the country with people of different races, different religions, different ethnic groups and different cultures is going to have decided dysgenic effects on the United States and Europe. It’s already started in Europe, which has lead to a backlash. One that’s going to get a lot worse.
Not that “professional” economists understand this. And that’s one of the main reason they don’t know what they’re talking about and why I ignore them. They think people are just interchangeable workers, like cogs in a machine.
Talk about deluded.