Crash Course in Sound Economics
Amusing read from Unqualified Reservations (UR) blog. Introduction comments:
Here at UR, "economics" is not the study of how real economies work. It is the study of how economies should work - in other words, of how sound economies work. Sound economies, as we'll see, are also stable economies.
Since there are no economies on the planet which are even remotely sound, nor is there any prospect of any such thing appearing, this discipline cannot conceivably be empirical, quantitative, or worst of all predictive.
Readers familiar with Austrian economics will find much to skim, especially at the start, but should also watch out for nontrivial differences in the origin of money and the structure of the loan market.
Here at UR, "economics" is not the study of how real economies work. It is the study of how economies should work - in other words, of how sound economies work. Sound economies, as we'll see, are also stable economies.
Since there are no economies on the planet which are even remotely sound, nor is there any prospect of any such thing appearing, this discipline cannot conceivably be empirical, quantitative, or worst of all predictive.
Readers familiar with Austrian economics will find much to skim, especially at the start, but should also watch out for nontrivial differences in the origin of money and the structure of the loan market.
Conspiracy of Optimism
Love this comment on a Zero Hedge article:
As near as i can tell forecasters don't forecast anymore than analysts, analyze or reporters, report. What they do is cheerleader. They all are all engaged in the conspiracy of optimism. Which leads to delusions of prosperity.
Seriously if loose monetary policy and rapid asset inflation were the route to economic prosperity, Argentina would be the richest country in the world by now.
On another matter, I find it interesting how misinformation/misinterpretation is propagated on the Internet. Example is the Adrian Douglas piece The Alchemist, which lodges itself in people's minds in simplistic terms, as evidenced in this comment on a Seeking Alpha article:
Delivery of futures contracts in gold and silver is allowed in bullion or GLD and SLV.
The statement is refuted by another commenter kohalakid. I would also recommend Tom Szabo's Exchange of Futures for Physical (EFP) Explained.
As near as i can tell forecasters don't forecast anymore than analysts, analyze or reporters, report. What they do is cheerleader. They all are all engaged in the conspiracy of optimism. Which leads to delusions of prosperity.
Seriously if loose monetary policy and rapid asset inflation were the route to economic prosperity, Argentina would be the richest country in the world by now.
On another matter, I find it interesting how misinformation/misinterpretation is propagated on the Internet. Example is the Adrian Douglas piece The Alchemist, which lodges itself in people's minds in simplistic terms, as evidenced in this comment on a Seeking Alpha article:
Delivery of futures contracts in gold and silver is allowed in bullion or GLD and SLV.
The statement is refuted by another commenter kohalakid. I would also recommend Tom Szabo's Exchange of Futures for Physical (EFP) Explained.
Subscribe to:
Posts (Atom)
<script async src="//pagead2.googlesyndication.com/pagead/js/adsbygoogle.js"></script>
<script>
(adsbygoogle = window.adsbygoogle || []).push({
google_ad_client: "ca-pub-6016858723338581",
enable_page_level_ads: true
});
</script>