Willford King has written:
"It is easy to find a man in almost any line of employment who is twice as efficient as another employee, but it is very rare to find one who is ten times as efficient. It is common, however, to see one man possessing not ten times but a thousand times the wealth [more…]
Much of what we are told as being advances in economics are diversions or delusions that serve only to trap us in a cul-de-sac. Sometimes that becomes a very long road to nowhere. Sometimes, it seems, economics will never return to being about actual economies, but will always be doomed to stay the plaything of [more…]
In its long search for the illusion of equilibrium economics has had to barter away one aspect of reality after another. Driven by its desire to unearth laws that explain the presence of that illusion economists have long ago lost contact with the grittiness of actual economies. They prefer the pristine and simplified sanctuary of [more…]
Ha-Joon Chang nails it.
But I wish he hadn't.
You see, I agree with his analysis of the inverse nature of status within the economics profession. As a useful general rule the more notable you are within the profession the less you know about the economy. This is a result of the perverse nature of [more…]
One of my ongoing sources of frustration is the amount of effort elitist folk put into lecturing the rest of us about why we ordinary people are wrong. When you spend the time to unpack the lecture, and the source of our error, you most often end up with something that is a sad mix of [more…]