Home
>
Political
>
Asking For Proof in the Economic Pudding

Asking For Proof in the Economic Pudding

There are no stupid questions, only stupid people. Ask an economist for proof of one of their pet theories and you'll find quickly that the age old axiom that we all learned in school and work place training seminars is dead wrong. You can ask a stupid question if you're talking to an economist and that question can, in fact, make you stupid.

It's a well accepted fact that scientists are not the greatest communicators around. They generally are not strong in the customer service or public relations fields. Scientists spend their time preaching to the well educated, well informed, scientific choir. When the time comes that a scientific discovery leads to a consumer product, it is not scientists that explain the benefits and dangers of the new product, a marketing company will handle that. Because of the disconnect between the science behind a product and the actual implementation of that science, there are a slew of products which are around 1.25% scientific fact and 98.75% marketing hype (take a look at your average diet pill). Consumers don't know the difference because scientists won't talk to us.

Economists also fancy themselves as scientists. They like to say that they have laws and they also don't feel the need to deign to speak to the general public about their work. They talk to each other, develop their theories, push for the implementation of those theories and generally think that Liberal Arts majors and auto mechanics should mind their own business. Maybe it's time that we lowly non-economists demand a few answers.

It's tremendously irksome to hear an economist speak about an economic law. Ask the economist to demonstrate the law and he will fall quickly to an explanation of the theories which, in his opinion, make the law true. Supply and Demand can only be verified by reading those theorists who endorse the idea. The theory cannot be measured, cannot be duplicated under scientific standards, cannot be certain to have the same outcome at all times, even given the same circumstances. It is therefore not a law. It's just a widely accepted theory.

I've got no problem with widely accepted theories. What I do find disturbing and even dangerous is the application of widely accepted theories into public policy without regard to whom is being hurt and without question as to whether or not the theory is working.

Take free trade for instance. It's an economic policy which is not demanded by the average working person, but which both major political parties endorse to some extent and which the Libertarian Party makes a cornerstone of it's platform. The theories all indicate that some job loss, even great displacement of a given society's workers, is to be expected. In fact, the displacement is a good thing, since it allows once unskilled laborers to study and become highly skilled technitions, or accountants or something. Unfortunately, the American people aren't privy to this part of the working economic theory and thusly aren't excited to hear that the reason that their job was offshore is due to India's comparative advantage in call center operations. The displaced worker may not feel that they are a worthy subject for the grand experiment of free trade.

Of course, no theory says that America has to be the winner in the free trade free-for-all rush to the top of the comparative/absolute advantage heap. No, economists don't often talk about nations at all. Their theories do not aim to find ways of make America the most economically powerful nation, or the richest, or the most comfortable; their theories work to ensure a true free market. The problem with a truly free market is that the displaced workers can just as easily be upper middle class Americans and the new skills that they may be acquiring just may be menial labor. Ask an economist why the displaced workers are always poor and always must be and I'll bet you money that they cannot give even a small piece of evidence to show a reason why that is so.

Yet our politicians, being taught economics in universities which are almost universally in support of free trade, themselves support free trade. They support an economic theory that has no evidence of actually being affective, but which may cause damage to the American economy, a fact which any honest free trade supporting economist would have to admit doesn't matter to them. Yet, the average person is not supposed to question these theories and certainly not the logic of the theorocrats that endorse them. If you fail to remain quietly on the sidelines of history and make the mistake of questioning the theory behind free trade, then you will be the recipient of a litany of the names of long dead authors who will all prove you wrong. You'll be called an idiot (trust me, I've had these discussions), they will threaten your mother's virtue before they admit that they can provide no evidence that they are correct.

Does a lack of evidence prove that the economists are wrong? Not at all. In fact, my desire for evidence is proof that I don't know enough about economics to ask more informed questions than, "can you prove that?" I do think, though, that is a damn fine place to start. Maybe more economists should start their path of theoretical enlightenment by questioning the fundamental truth of what they are being taught. Maybe economists should consider being the first scientists to learn customer service. If that seems like a bit of a demotion, just call it retraining for new economic conditions.

About The Author

Donald R. Carroll III is a student, insurance adjuster and freelance writer from Kansas City, Missouri.

dcarroll04@kc.rr.com

Batchtown Chicago prom limo .. Lockport Chicago limo O’Hare

In The News:

A virtual private network can help ensure your information remains security and your privacy remains intact. Kurt the CyberGuy explains.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Artificial intelligence-based cameras are giving air defense operators unprecedented capabilities in monitoring and protecting airspace.

Apple's iOS 18.1 Inactivity Reboot automatically reboots your iPhone if it hasn't been used or unlocked for more than three days, providing better data protection.

An inventor designed rooftop solar panels for a Tesla that draws solar energy while the car is parked, adding travel mileage without plugging in.

There are currently no laws governing what artificial intelligence can and cannot do with the information it gathers; here are 10 things to avoid telling AI chatbots to keep yourself safe.

A credit union with over 240,000 members recently revealed it was targeted by cybercriminals, resulting in a data breach that was part of a two-month attack by hackers.

Scammers have become skilled at creating convincing fake websites that can easily fool unsuspecting users. The CyberGuy offers tips to protect yourself.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

CAPTCHAs, which are used by websites to confirm whether users are people or bots, are harmless, but hackers are using them to infect PCs with malware.

Hackers recently leaked personal information of about 500,000 Americans and stole patient medical records that included lab results and insurance details.

The holiday season sees a rise in mobile shopping scams. Tech expert Kurt “CyberGuy" Knutsson helps you learn how to stay safe.

Tech expert Kurt “CyberGuy" Knutsson says a VPN enhances online banking security by encrypting data and protecting privacy.

Beware of these six sneaky holiday scams. Tech expert Kurt “CyberGuy" Knutsson gives you tips to avoid falling victim.

Tech expert Kurt “CyberGuy" Knutsson reveals how to securely back up and factory reset your Android to protect your privacy and data.

Artificial intelligence is making life easier for cybercriminals, allowing them to create elaborate scams to trick people. Kurt the Cyberguy explains how to protect yourself.

Cut through all the digital clutter and delete multiple emails from your Android simultaneously. Kurt the CyberGuy explains how it's done.

Tips to prevent your holiday decorations from being stolen

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Kurt "CyberGuy" Knutsson lays out the immediate steps you should take if your phone has been hacked and your personal information becomes vulnerable.

Fraudsters are sending people bogus invoices through PayPal as part of a sneaky scam that is going around; here's how to protect yourself from being fooled.

A former Colgate-Palmolive employee was shocked to discover $750,000 had been drained from her 401(k) account. "CyberGuy" offers tips on how to prevent identity theft.

Electric vehicle maker Harbinger recently showed its electric delivery truck can handle icy roads with agility and stability in winter.

To make the busiest time of year more manageable, here are some tricks for tracking your packages, taking quality family photos and curating the perfect Christmas playlist.

Kurt "CyberGuy" Knutsson explains how to keep your online Amazon gift purchases a secret from loved ones or friends this holiday season.

Asking For Proof in the Economic Pudding

Political