Economic Enchanters
As the United States and its state and local governments wander around the edge of a financial abyss, one can only be amused by the some of the economists. Economics is touted as a science yet if it is a science why is there such a diversity of opinion? There is one team of economists who tout Keynesian policies and another who advocate the reverse. Both claim their ideas are the way to economic bliss. Yet this is not possible because one is the opposite of the other.
In fact it seems as if the political beliefs of the economists determine their economic beliefs. If this is true, then in their case economic prescriptions are a reflection of politics, not economics. In support of that I recently read where someone said Paul Krugman is attempting to be the Rush Limbaugh of the left. Not to make lite of Rush, but he is primarily an entertainer, using politics as his material. If Krugman is trying to be like Limbaugh then he is seeking to be an entertainer. At that point his Nobel Prize in economics must be disregarded, as his punditry is not of that caliber any more than Obama’s presidency is of the caliber of his Nobel.
No, Krugman has become a shill for left wing/progressive politics and pretends his position is supported by sound economic theory. This should be true because economics is a science and will show the results of particular certain actions if given accurate inputs. The problem is in the mendacity of the writers.
If one has a particular objective in mind then one will argue for policies which will give that result. In arguing for those policies truth is not important, but emotions are. Thus we see Krugman argue for larger government, because the liberal/progressive policies of big government and his supporting arguments are based on the results he seeks. He may obtain them out of thin air or from Obama’s pronouncements. On the other side, an advocate of truth and accuracy would find facts and see where they lead.
And this is where we are in our public discourse. Those economists who support truth and accuracy often find themselves aligned with conservatives and libertarians simply because they find economic benefits in capitalism and freedom. Those who support authoritarian policies and government-enforced fairness (see Thomas Sowell – The Quest for Cosmic Justice) must argue with misinformation and hope, as the facts to support their position don’t exist.
Then when one reflects on government and how we ended up here, it is easy to see that those who support authoritarian policies use the excuse of government-mandated fairness for their policies. As we follow those policies we slide deeper into the economic abyss, even as government gains more and more power over our lives. It is not the result Krugman would tell us would occur, but it is the result he seeks.
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