Sunday, December 11, 2011


Many people know the saying: economics is the dismal science.  What is less well known is the saying's original context.  You see, the progenitor of that phrase was a Thomas Carlyle way back in the slavery days.  He used the phrase in his tract Occasional Discourse on the Negro Question where he argued in favor of introducing slavery in the West Indies.  Once again I'll leave it to smarter blogs to pick out the nitty gritty and why slavery is bad.

But I guess now I know why that phrase is so popular.  I'm tired, tired of seeing economists mingling with politicians, like a trained poodle, pulling out some random data to support one view or another.  I'm tired of Paul Krugman using his Nobel Prize in economics to further his liberal agenda.  I'm tired of Austrian economists making fun of Krugman or Keynes just to make them look bad.  At this point, unless "new economics" is being discovered, all the facts are more or less out.  There's really no more point arguing.  There should be a website called and the home page is just all the major schools of economics.  Viewers can click on all of them and make up their own mind.  It's feeling more  like atheism v religion everyday.  Eighty years later, we still can't be sure what caused the Great Depression and what made it so Great.  I doubt anybody can come out with why exactly 2008 happened and which party has what percentage fault.  But day after day, that's what I read.  2008 must have been the fault of big government.  Or it must have been the fault of laissez-faire principles.  Or it must have been Greenspan's fault. 

Maybe this is why I have yet to hear of the economist who speculated in the markets and made millions.  Well except for Keynes and look how he's treated today.

My Jam of the Day