In 2009, Econ Journal Watch, “....a forum about economics research and the economics profession,” published the results of a survey of economists to determine areas of consensus (and disagreement) among members of the prestigious American Economics Association, est. 1885. This study, and others since, point to broad areas of consensus, at least on certain economic questions.
Mainstream economists go to a great deal of trouble to collect and analyze the available data about a specific economic question, build computer models, draw graphs and solve equations. Then they come up with different answers and fight over them. For example:
I won't bore you by detailing each sides position. I'm sure you're sick of your favorite media sources endless analyses of Keynesian economic policies and why our The Gubmint embraces them. I'm just relieved we can still count on the Fourth Estate to do its job.
[I apologize in advance to anyone that is expecting me to light the nation's path out of the darkness. I do have an opinion, but opinions, as they say, are like...noses, everyone has one.]
We’re drowning in opinions and information. The information age makes it possible for any old fart, like myself, for example, to at least potentially join the deluge. Irony alert: Access to virtually unlimited information and opinions makes the “old school” notion that we need people and institutions we can rely on to act as information filters more important than ever. When it comes to economics my filter is, “Economics In One Lesson” written by Henry Hazlitt and published in 1946.
People that disagree with Hazlitt’s conclusions should study it because if you can’t make a convincing argument as to why a given conclusion is wrong, his simple logic will crush you. But you want to know the truth, right? You’re not just out to promote an agenda or confirm your biases, right?
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©2015 Mark Mehlmauer (The Flyoverland Crank)
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