Why Ossie Sacked the Housekeeper… And why the new one is so much better…

Posted: May 12, 2014 in Uncategorized

The Australian Independent Media Network


Economics. The romance of truth through measurement. 

An understaning of the value of economics can best be established by using its own methods. Draw up a list of the large economic problems to have stuck the West over the last quarter century. Detemine the dominant strand of advice offered in each case by the community of economists. Calculate how many times this was followed. (More often than not it was.) Finally, add up the number of times this advice solved the problem.

The answer seems to be zero.”

The Doubter’s Companion. John Ralston Saul.

From “Capital in the Twenty First Century” by Thomas Piketty:

“To put it bluntly, the discipline of economics has yet to get over its childish passion for mathematics and for purely theoretical and often highly ideological speculation, at the expense of historical research and collaboration with the other social sciences. Economists are all too…

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