“Wait a minute. Don’t you mean the Great Enrichment? That’s what everybody’s talking about.” Yeah, I do. But I also mean the Great Impoverishment. And nobody talks much about that. The Great Enrichment is real. In the last half-century, the wealth of the world shot up dramatically. And while western nations showed the most impressive…… Continue reading The Great Impoverishment
I just did a post on downward-sloping market demand, suggesting that it’s illogical without bizarrely ridiculous assumptions. But it’s necessary or the whole edifice of economics comes crashing down — so economics has to keep it. Is the same thing true about upward-sloping market supply? You bet. This whole upward-sloping supply curve thing rests on…… Continue reading Supply Curve Fake Too?
Let me tackle a sacred cow of economics, one that you’ve always taken for granted — just to pull the rug out from under you. You’ve heard about a demand curve. It’s actually pretty simple. If something gets less expensive, you buy more of it, right? If hamburgers are cheaper, you might buy two. If…… Continue reading Fake Demand Curves
You wouldn’t believe the lengths to which economists will go to justify a totally wacko ideology. Well, I’m about to spell it out, in as simple terms as possible. I’ve already dumped on homo economicus — economic man. He’s a totally one-dimensional and reprehensible character, caring single-mindedly about maximizing his own immediate personal utility, and…… Continue reading The Lengths to Which They’ll Go
The Economics profession likes to think it promotes the survival of the fittest, that hallowed evolutionary principle, in the economic arena. Well yeah, but it’s the defunct 19th Century version of it — the one that’s been abandoned as crude and unsophisticated by all of academia except the Economic profession. That’s pretty damning. There’s a…… Continue reading Economics and Outdated Evolution
My thesis is that economics is so fanatically fixated on their “elegant” mathematics — that they’ve turned up their noses to the very realities of economic life. Now this could be a broad topic indeed, so I’ll focus on one of the key precepts of economic thinking — optimization. Optimization theory is a mathematical delight.…… Continue reading Economics — A Fetish for Mathematics
Not a chance. Economics doesn’t allow it. Economists have it easy. They just declare that work is a pain (disutility) and consumption is a pleasure (utility), and it’s a piece of cake. The more hours you work, the greater the added pain. The more hours you consume, the less the added pleasure. So you stop…… Continue reading Coordinate Our Vocations?