Economics For Liars

Economics is the most hard-core of the social science. There are no experiments. There are no control variables. And there is never any turning back.

Here, fishy fishy fish...

Just The Facts

  1. Business majors: Economics majors who can't do the maths. Or economics.
  2. People who are good at this are called economists. People who are bad are called Politicians.
  3. MC=MR=AR=D
  4. ????????
  5. PROFIT
  6. "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design." ~ My Boy F.A. Hayek

The Blind leading the Blind.

Economics is the study of business and money.
Economists study how to maximize profit, among other things.

Economics is not a well-paying profession.

Therefore, if Economists REALLY knew what the hell they were talking about, they'd be in business.

QED, Bitches.

Suppy-Side Economoics, or Mr. Reagan's Miracle Cure.

There's a funny thing about Economics. They use jargon, like any other secretive cartel of experts. The problem is, the words they use mean different things outside their circle. Think how "Theory" is used to describe

a) Guesstimate

or
b) Rigorously tested scientific explanation for phenomena found through empirical observation

"Well," Mr. Supply-Side-Huckster(let's call him Mr. SSH) says, "tax cuts for the rich can increase job growth, reduce unemployment, prevent inflation, and cure rheumatism by increasing INVESTMENT."

Let's think about that a second. When poor people get money, they spend that shit up. They don't let it sit in a bank, they go out and spur that aggregate demand, which, for those of you in the cheap seats, promotes growth and jobs.

When rich people get money, they stick it in Hedge funds and other "investments". And all the economists love those investments, because they magically fix everything. With magic.

The problem is, "investments" are really just big kids' trading cards. Rich people and their representatives are just shuffling money around to their associates. Unless a company is selling a brand-new stock , they get jack shit. So none of that money gets into investments(the good kind that makes economists cream their jeans).

"A Little Knowledge is a Dangerous Thing." Indeed.