Trumpism Has Dealt A Mortal Blow To Orthodox Economics And 'Social Science'

Tyler Durden's picture

Submitted by Sanjay Reddy via INETEconomics.com,

How orthodox economics paved the way for the political shocks of 2016

Grappling with the shock of Donald Trump’s election victory, most analysts focus on his appeal to those in the United States who feel left behind, wish to retrieve a lost social order, and sought to rebuke establishment politicians who do not serve their interests. In this respect, the recent American revolt echoes the shock of the Brexit vote in the United Kingdom, but it is of far greater significance because it promises to reshape the entire global order, and the complaisant forms of thought that accompanied it.

Ideas played an important role in creating the conditions that produced Brexit and Trump. The ‘social sciences’ — especially economics — legitimated a set of ideas about the economy that were aggressively peddled and became the conventional wisdom in the policies of mainstream political parties, to the extent that the central theme of the age came to be that there was no alternative. The victory of these ideas in politics  in turn strengthened the iron-handed enforcers of the same ideas in academic orthodoxy.

It is never clear whether ideas or interests are the prime mover in shaping historical events, but only ideas and interests together can sustain a ruling consensus for a lengthy interval, such as the historic period of financialization and globalization running over the last 35 years. The role of economics in furnishing the now-rebuked narratives that have reigned for decades in mainstream political parties can be seen in three areas.

First, there is globalization as we knew it. Mainstream economics championed corporate-friendly trade and investment agreements to increase prosperity, and provided the intellectual framework for multilateral trade agreements. Economics made the case for such agreements, generally rejecting concerns over labor and environmental standards and giving short shrift to the effects of globalization in weakening the bargaining power of workers or altogether displacing them; to the need for compensatory measures to aid those displaced; and more generally to measures to ensure that the benefits of growth were shared.  For the most part, economists casually waved aside such concerns, both in their theories and in their policy recommendations, treating these matters as either insignificant or as being in the jurisdiction of politicians.  Still less attention was paid to crafting an alternate form of globalization, or to identifying bases for national economic policies taking a less passive view of comparative advantage and instead aiming to create it.

 

Second, there is financialization, which led to increasing disconnection between stock market performance and the real economy, with large rewards going to firms that undertook asset stripping, outsourcing, and offshoring. The combination of globalization and financialization produced a new plutocratic class of owners, managers and those who serviced them in global cities, alongside gentrification of those cities, proleterianization and lumpenization of suburbs, and growing insecurity and casualization of employment for the bulk of the middle and working class.

 

Financialization also led to the near-abandonment of the ‘national’ industrial economy in favor of global sourcing and sales, and a handsome financial rentier economy built on top of it. Meanwhile, automation trends led to shedding of jobs everywhere, and threaten far more.

 

All of this was hardly noticed by the discipline charged with studying the economy. Indeed, it actively provided rationales for financialization, in the form of the efficient-markets hypothesis and related ideas; for concentration of capital through mergers and acquisitions in the form of contestable-markets theory; for the gentrification of the city through attacks on rent control and other urban policies; for remaking of labor markets through the idea that unemployment was primarily a reflection of voluntary leisure preferences, etc.  The mainstream political parties, including those historically representing the working and middle classes, in thrall to the ‘scientific’ sheen of market fetishism, gambled that they could redistribute a share of the promised gains and thus embraced policies the effect  of which was ultimately to abandon and to antagonize a large section of their electorate.

 

Third, there is the push for austerity, a recurrent trope of the ‘neoliberal’ era which, although not favored by all, has played an important role in creating conditions for the rise of popular movements demanding a more expansionary fiscal stance (though they can paradoxically simultaneously disdain taxation, as with Trumpism).  The often faulty intellectual case made by many mainstream economists for central bank independence, inflation targeting, debt sustainability thresholds, the distortive character of taxation and the superiority of private provision of services including for health, education and welfare, have helped to support antagonism to governmental activity. Within this perspective, there is limited room for fiscal or even monetary stimulus, or for any direct governmental role in service provision, even in the form of productivity-enhancing investments. It is only the failure fully to overcome the shipwreck of 2008 that has caused some cracks in the edifice.

The dominant economic ideas taken together created a framework in which deviation from declared orthodoxy would be punished by dynamics unleashed by globalization and financialization. The system depended not merely on actors having the specific interests attributed to them, but in believing in the theory that said that they did. [This is one of the reasons that Trumpism has generated confusion among economic actors, even as his victory produced an early bout of stock-market euphoria. It does not rebuke neoliberalism so much as replace it with its own heretical version, bastard neoliberalism, an orientation without a theory, whose tale has yet to be written.]

Finally, interpretations of politics were too restrictive, conceptualizing citizens’ political choices as based on instrumental and usually economic calculations, while indulging in a wishful account of their actual conditions — for instance, focusing on low measured unemployment, but ignoring measures of distress and insecurity, or the indignity of living in hollowed-out communities.

Mainstream accounts of politics recognized the role of identities in the form of wooden theories of group mobilization or of demands for representation. However, the psychological and charismatic elements, which can give rise to moments of ‘phase transition’ in politics, were altogether neglected, and the role of social media and other new methods in politics hardly registered. As new political movements (such as the Tea Party and Trumpism in the U.S.) emerged across the world, these were deemed ‘populist’—both an admission of the analysts’ lack of explanation, and a token of disdain. The essential feature of such movements — the obscurantism that allows them to offer many things to many people, inconsistently and unaccountably, while serving some interests more than others — was little explored. The failures can be piled one upon the other. No amount of quantitative data provided by polling, ‘big data’, or other techniques comprehended what might be captured through open-eyed experiential narratives. It is evident that there is a need for forms of understanding that can comprehend the currents within the human person, and go beyond shallow empiricism. Mainstream social science has offered few if any resources to understand, let alone challenge, illiberal majoritarianism, now a world-remaking phenomenon.

Trumpism is a crisis for the most prestigious methods of understanding economic and social life, ennobled and enthroned by the metropolitan academy of the last third of a century. It has caused mainstream ‘social science’ to fall like a house of cards. It can only save itself through comprehensive reinvention, from the ground up

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froze25's picture

Not till pizza gate is blown open.

InsaneBane's picture

"It has caused mainstream ‘social science’ to fall like a house of cards. It can only save itself through comprehensive reinvention, from the ground up"

mainstream social science is invented to deceive, so it doesn't need comprehensive reinvention from the ground up. Another bst article from an indoctrinated useful idiot

The sheeple are awakened to the lies and illussion surrounding us.


gatorengineer's picture

Agree the whole article is tripe... There never ever was any austerity.  Globalism is the effort to concentrate all of the world's power into the Hands of a few.   It is far far from defeated and is frankly just pissed off.  When Soros, gates, zuckerberg and the Clinton Bush crime syndicate is erradicated then I will say progress has been made.

ali_baba's picture

Orthodox economics? You mean Jewnomics?

Look what happens to people who challenge the orthodoxy

https://www.youtube.com/watch?v=_r9Z-hTn1r4

wee-weed up's picture

It's not "mainstream ‘social science’"... it has been Leftist globalist  ‘social science’ all along.

InTheLandOfTheBlind's picture

trump has been hijacked by pence and his ashkenazi son in law.  he will be made to bow or an example will be made of him... Trump had his chance and turned his back on God, who delivered him his victory.  Trump's only chance is purging these traitors before they purge him and his family and the placement of Christians in His cabinet.

Things that go bump's picture

How very odd. The voters gave Trump his victory. As is generally the case, he is free to do what he wants with it within the bonds of the Constitution. I might add that the Jews were the only people your Old Testament God made a pact with, if you believe in that sort of fairy tale.

InTheLandOfTheBlind's picture

um.. there where 12 tribes of israel, judah only being one... secondly what the world calls jews are not descendents of abraham, at least for the majority.

any_mouse's picture

Who of those 12 tribes still follows the Torah, observe the covenant with YHWH and the Commandments?

Stuck on Zero's picture

Banker: Austerity for thee, wealth for me.

roddcarlson's picture

I think that Jesus was probably tannish to brown in complexion, given he was of the royal blood of Shem (asian). Ishmael who is also seed of Abraham is the Arab, so we again see a people related to Jesus being the Arabs who are not white but not black either but rather western Asian (semitic). I get a kick out of white blue eye Jesus as much as I do a negro version of him, because I think there is a reason we aren't to have graven images of what is in heaven. Fact is that Jesus probably wasn't even very handsome in physical attributes and by worldly standards as Issiah said he wasn't very comely.

That said the white man was predicated by Noah to take Shem's Lord as his own and sit in the tent of ( I suppose replace or share) Shem (some legal as folowers of Christ and some illegally as fake Jews). The fake Jews are really of 3 consistencies. 1) the Blue eyed caucassion also Japath from Eastern Europe that wants to be worshipped as the royal bloodline, even though he is a big lie and persecutes his own 2) the Turkish/Armenian line that is the bloodline of the Macedonian Hellenist Jew who also is the bloodline of past and future antichrists. They too want to claim the bloodline of Jesus so they can be fake Jesus kings 3) Straggler other tribes other than the 3 that were annihilated that were Jesus Kin in the Bar Khobba revolt that basically saw to it that Jesus prophecy of why he wept for the future of his own peoples. Many of these tribes have already assimilated and became Christians but there are a few that remain defiant (unlike the other 2 they still follow the Torah and Jewish law). The latter really isn't a fake Jew, but since they don't follow Jesus as their messiah they are disinherited from the Jewish place with God. The latter group also has a hatred for Jesus because they feel he didn't take Japath out in the holy land at the time of his coming (again Noah prophecy why he didn't). But they also are very proud and exhibit the same traits why Jesus called them not children of Abraham and said he could turn a rock instead of them into a Jew.

This is why Jesus didn't fight the Romans but seemed welcoming, because it was in fact a prophecy that our territory (white man) would be enlarged, which coincidentally was why we were there in Israel upon the Lord Jesus occurence there. We're important to the unfolding of prophecy and at the same time we're not the royal bloodline by genetics, but rather and I hate to say this but as Paul alludes like a grafting of a limb on an apple tree. And I'm no fan of Paul, but he gets some things right nevertheless. It turns out Paul was from Turkey, which is basically a hellenist Jew or also from the empire of false Christs. But that is another conversation.

The fact is that if you're a Christian one can't hate dark skinned people, because you'd be condemming most likely Jesus and thus condemming yourselves. But on the other hand we aren't to be weak to demands of fake Jews and treat them as our Kings. Nor are we to allow Muslim blacks to come in and rape our women, or for that fact any non Christian or Christian rape our women. Meek to me isn't weak! Even Jesus took the whip to the moneychangers, problem is that we can't take matters in our own hands and need God's divine intervention and approval if we ever do take physical action to trouble children. Since Japath has been chosen to be the standard bearer of Jesus message we are expected to act like him, and the spirit of God that inhabited him.

The bible for the most part seems ok with races intermixing if they have the same faith. I believe Moses with his black wife was but one example. I on the other hand, think the highest order is probably with unique and distinct characteristics, thus the lowest entropy and highest order. I like being white, and I like white women with their assorted hair colors and eye colors. I rue the day that white people are bred out by total intermixing, what a sad day for true diversity or differences? Blue eyes are now only 2% of the world population and shrinking every day due to misgeneation. White people are recessive genetics, and thus their traits are not observed (or I should say rarely) when mixed with dominant genetics.

Since God ultimately decides the final personality of all bodies, I might be wrong as taking this view as natural laws instead of spiritual ones when I talk about IQs and inherent and unique traits of each race. God of course is capable of overcoming any natural phenomen or law. In the end if we believe in Jesus we should all want to be the least and servants, not to be an antichrist but my own pride has gotten in the way of me embracing the holistic Christian way of being happy to be the least. Like I said I'm not perfect or a saint yet.

evildimensions's picture

Save it for your prayer meetings.

roddcarlson's picture

Unfortunately that prayer meeting would be with myself as I'm an independent on both my studies on electromagnetics, mathematics, and Christianity. Kind of like Newton really. But as your name implies is who you are and I'm pleased you being who you are (in spirit) actually don't like my message as it means I'm striking a nerve on evil dimensions. Do I feel blessed right now, Sabbath and I got a demon in a foul mood? Well yes I do! Have a nice day they are very limited. God bless you man and thanks for the uplifting message.

francis_the_wonder_hamster's picture

Blaming it on the "left" not only absolves the "right" for its contribution, but just using the right/left narrative buys into their paradigm.

For the umpteenth time, right/left is just a distraction with both sides favoring bigger government.  Liberty is the antithesis of this.

chubbar's picture

Here is an interesting article from 2011 that details how the Clintons and Fed stole over $600 billion worth of gold and pawned off gold covered tungsten to China and the rest of the world. Funny how the investigation never went anywhere?

http://www.fourwinds10.net/siterun_data/business/currency/news.php?q=1307371215

Justawhoaman's picture

Here here!  When they are all in jail or facing imprisonment, we might have some progress.  As long as they continue to do the bidding of the "masters", we have only inched forward.

francis_the_wonder_hamster's picture

When you open an article by incorrectly using the term "legitimated" where I think "legitimized" was intended, it makes it harder to entertain any potential points made thereafter.

Tripe?  Not so much, just very lacking in critical writing skills and/or editing that would have led a reader to understand points attempted to be made.  Re-write this and it's actually a good discussion.

any_mouse's picture

I saw that word and scrolled up to check the author. Sanjay Reddy. I continued to read to see where he was going with it. "Social Science". Fail.

francis_the_wonder_hamster's picture

"Legitimated" is actually a very scary Orwellian term.

It means to make something "in compliance with the law", but the practical implications in the real world are that we take a concept that is not acceptable, create laws that "legitimate" it, and it suddently becomes an acceptable practice.

Want an example? Income tax.

Mahatma Coat's picture

This is a poorly written article which overstates its fairly banal case.  Theory and interests?  Globalists for the past 30 years have deliberately ignored the real price paid by individuals and communities.  At its worst globalisation has destroyed lives and threatens sense of identity and community.  Financialisation?  State-sanctioned theft and an obscene shift in wealth from the bottom to the top.  Add a bone-headed trendy libreral program of moral and identity relativism policed by jackbootred academics and whining Lefies.  Rinse and repeat for 30 years.  Result?  Revolt in the form of Farage, Brexit, Trump, Le Pen, Hanson, Geert Wilders, Victor Orban etc etc.  If 'populism' is saying at the polls that we've had enough of this, then populism it is.

ali_baba's picture

deception eh? wonder who could be behind it all.

InsaneBane's picture
Operation Mockingbird would be a good start..
Radical Marijuana's picture

Natural selection driving artificial selection is "the start."

Radical Marijuana's picture

Yes, insanebane, "mainstream social science is invented to deceive."

Since there is only ONE energy, there is only ONE political system, and that corresponds to the principles and methods of organized crime, because human beings and civilization necessarily live as entropic pumps of environmental energy flows. As soon as human beings are perceived and defined as separated from their environment and each other, then they must live as gangs of robbers. However, some of the corollaries of that being being the case become that the biggest and best organized gangs of robbers are able to dominate society with their bullshit social stories, which are able to publicly present themselves as NOT being gangs of robbers, primarily because somehow "legalizing" lies and "legalizing" violence is asserted to stop those from still being lies backed by violence.

Political economy exists inside human ecology. Civilization is necessarily directed by its death control systems, whose most extreme forms are the murder systems. Civilization was made by the history of warfare, which selected for the most socially successful murder systems to become the most deceitful and treacherous. Upon that basis was built political economies where public governments enforce frauds by private banks. Exponentially advancing technologies have enabled those enforced frauds to become exponentially more fraudulent, to the degree that the majority of people have become somewhat aware of the apparent anomalies that governments are the biggest forms of organized crime, dominated by the best organized gangs of criminals.

Political science has NOT gone through series of intellectual scientific revolutions and profound paradigm shifts, the ways that mathematical physics and other physical sciences have done. Rather, political science is almost totally based upon intellectual mercenaries promoting the biggest bullies' bullshit, which has more and more become the banksters' bullshit in recent Centuries. There is almost nothing which is publicly significant but the central core of organized crime (banker dominated governments), surrounded by layers of controlled "opposition" groups which stay within the same frame of reference.

That frame of reference is based upon the DUALITIES of false fundamental dichotomies and the related impossible ideals. Better social science should become better reconciled with using more UNITARY MECHANISMS, in order to better understand how human beings and civilization operate as manifestations of general energy systems. However, using more scientific methods with respect to understanding society must necessarily admit and address that society is controlled by its murder systems. That is extremely problematic due to the history of successful warfare being based upon deceits and treacheries, so that the successful social systems have become as dishonest about themselves as possible

In my opinion,

"The sheeple are ONLY SUPERFICIALLY  awakened to the lies and illusion surrounding us."

The biggest bullies' bullshit-based world view has been built into the structure of the dominate natural languages and philosophy of science. The degree to which almost everyone continues to take for granted thinking and communicating by using those languages and philosophical presumptions make it become almost universal that there is, at best, ONLY SUPERFICIALLY CORRECT analysis of the problems, which then tends to collapse back to the same old-fashioned bogus "solutions" based on continuing to use the DUALITIES of false fundamental dichotomies and impossible ideals, which misunderstand how things work in the most absurdly backward ways possible, and therefore, always backfire badly, and cause the opposite to actually happen, (because, after all, the established systems, including their controlled "opposition," are the best available professional hypocrites.)

There is NO doubt social sciences NEED  "comprehensive reinvention, from the ground up!"

... I have been working on that for more than fifty years. While it is theoretically possible to better reconcile political science with physical science, the main obstacles are that one must admit and address the central role of the death control systems in general, and the murder systems in particular. Furthermore, when one goes through those processes one necessarily ends up recognizing that there is nothing but the dynamic equilibria of different systems of more or less organized lies operating robberies. Moreover, the currently dominate systems at those whereby public governments enforce frauds by private banks, which are symbolic robberies.

Since the established systems based upon being able to enforce frauds are becoming exponentially more fraudulent, more and more people are noticing how blatant that has become. Indeed, in Britain and the USA, the majority of people are now somewhat aware of the degree to which the established systems have become runaway crazy corruption, due to debt slavery systems driving numbers which have become debt insanities. Therefore, it was possible for Brexit and Trump to win ... HOWEVER, Globalized Neolithic Civilization is still almost totally dominated by the best available professional hypocrites, and that includes the remarkable emergence of political movements which have been expressed through the victories of Brexit and Trump, where the USA and UK are the core countries in the Anglo-American (Zionist) Empire, which had previously been the most dominate system for Centuries.

The oldest and best developed forms of social science and engineering where warfare.

Everything civilization has developed to become is due to the long, long history of warfare.

Intense paradoxes  arise as sets of consistent contradictions from those basic social facts:

The oldest book on The Art of War begins by stating that

"success in war depends on deceits," and ends with

"spies are the most important soldiers."

Sun Tzu's Art of War

Ebook whose link only works when copied & pasted:

http://www.artofwarsuntzu.com/Art of War PDF.pdf

Page 4, point 18.

All warfare is based on deception.

Page 17, point 15.

In war, practice dissimulation, and you will succeed.

Page 35. Chapter XIII.

THE USE OF SPIES


The essential political problems regarding "the truth" were recognized long ago:

In the fifth century BC,

Greek dramatist Aeschylus said:

“In war, truth is the first casualty.”

 

BY DEFINITION, what will stop the absolute impossibility of endless exponential growth are the changes in the death control systems. However, since the most socially successful death control systems have become the most dishonest about themselves, it continues to be politically impossible to have any relatively rational public debates regarding those issues, as made starkly apparent towards the end of this video of a presentation by Al Bartlett regarding the mathematics of exponential growth:

https://www.youtube.com/watch?v=Pb3JI8F9LQQ

The Most IMPORTANT Video You'll Ever See (part 2 of 8)

 

Genuine progress in social science should admit and address that militarism, as the ideology of the murder system, is the supreme ideology. That is especially the case because the murder systems back up the money systems, while then the money systems pay for the murder systems in return.  Genuine progress in social science should enable series of intellectual scientific revolutions and profound paradigm shifts in militarism. However, since successful militarism was based upon thousands of years of developing the abilities to be deceitful and treacherous, while that then was the foundation for building a political economy based upon enforcing frauds, despite that those phenomena are becoming exponentially more fraudulent, it continues to be that the best available professional hypocrites are the most socially successful.

Ironically, the Brexit and Trump victories are demonstrating new kinds of professional hypocrisy emerging. There is still nothing which is publicly significant in those phenomena which is remotely close to going through deeper levels of analysis regarding how and why Globalized Neolithic Civilization has become based on astronomically amplified abilities to back up lies with violence. Despite the ways that the previous systems of paper "money" frauds, backed by gunpowder weapons, have become globalized electronic frauds, backed by the threat of force from atomic weapons, the magnitude of those phenomena are so great that the vast majority of people are still light years away from being anything more than that:

"The sheeple are ONLY SUPERFICIALLY  awakened to the lies and illusion surrounding us."

Radical Marijuana's picture

An interesting link, espirit ...

especially the history of famous magicians who worked for the military ...

Overall, as described in this:

http://www.zerohedge.com/news/2015-04-28/cyber-attacks-are-new-cold-war

Cyber-Attacks Are The New Cold War

"The warfare ideology today is ‘Multilateral Unconstrained Disruption’

MUD

This unrestrictive warfare is meant to disrupt societal functioning;

to ‘poison’ information to elevate distrust of all computer information."

BritBob's picture

Looks like the UK will be heading for a hard Brexit especially when one country (or part of a country in Belgium) can stall negotiations for so long. Looks like S pain will try and play the Gibraltar card  (A worthless sovereignty claim): Gibraltar - Some Relevant International Law: https://www.academia.edu/10575180/Gibraltar_-_Some_Relevant_Internationa...

So it looks like a quick hasta luego !

 

Sandmann's picture

No idea what "hard BreXit" is frankly unless you mean Castro's Cuba. The UK is centre of a global financial system with a huge trade deficit - the largest in peacetime history and interest rates at 320 year lows so it can increase interest rates to keep Sterling afloat and watch its bond market crash or squezze living standards bback to 1970 levels and watch society explode.

The UK has no industry and manufacturing exports are key to funding the gap. There is no global market crying out for UK goods, there is no UK product category that is unique. The mediocrity of the UK position requires proper strategy not kneejerk actions with eternal consequences.

medium giraffe's picture

Trump is owned by you know who.  It's a circus.

medium giraffe's picture

Aww. your pathetic delusions still keeping you warm at night? 

Well, ok, read it and weep, goyim:

 

http://thezog.info/who-controls-donald-trump/

 

'MAGA'.......  ha ha ha ha ha ha ha ha ha ha! 

You fell for it again?? 

'Its different this time'.....  ha ha ha ha ha ha ha....    oh, that's fucking rich....

InTheLandOfTheBlind's picture

unfortunately it seems you are correct... unless he removes kuschner, i am in full agreement with you.  They used trumps soft spot (his family) and now trump barely realizes the predicment he is in surrounded by neocons...  

Stan522's picture

Trumpenomics, Trumpification, Trumpnific, Trumpism, Trumpbounce, Trumprally, Trumpnology, Trumpaholic, Trumpoptimism, Trumpexcellent.......

WTFUD's picture

Lloyd Blankfiend is terrified he'll Audit the Fed. I'm terrified he won't. Oh yeah and Assay the Tungsten-Gold in Fort Apache, er Knox while you're there.

Son of Captain Nemo's picture

Zerohedge

Suffering from premature "enthusi-jaculation"!

Soul Glow's picture

Bullshit.  Infrastructure bank is a Clinton proposal, trillion dollar spending plan is Obama stimulous, and he will be raising taxes on the middle middle class to make it happen.

He is hiring DC insiders left and right to fill his cabinet too.  Sure, he's better than Clinton, but the same way a $100 an hour hooker is better than a $20/hr one. They're still both whores, but with Trump you won't get WWIII or AIDS.  Still, you're getting empty promises and neo-keynsian economics, so even if you support the guy voice some concern or you are no better than the socialist Obama lovers of the past 8 years.

Sandmann's picture

Economics has always been a hoax. Adam Smith wrote as an observer of a pin factory and a moral philosopher. Ricardo wrote as a stockbroker. Mill wrote as a Utilitarian. Marx wrote as a sociologist. Pigou tried to find a theoretical framework. Keynes tried to find a Unifying General Theory based on observing Swedish economic policy and using Kahn's Multiplier.

The Mathematicians - of which Keynes was one - tried to create Deterministic Models forgetting they interact with the data. Economics became sponsored by Banks and OFIs - Fisher had lost a fortune in 1929, but Friedman was for hire and every self-publicist since wanted a newspaper column and presidential job and tenured chair with consulting on the side.

 

any_mouse's picture

There is no justification for active Economics, except to centrally plan the economy.

Economics is maybe useful in understanding what happens in an economy based on past behavior.

What is the last line in a prospectus?

"Past Performance is not an Indicator of Future Results"

 

CNONC's picture

I had to get a masters in econ before I figured that out.  I had intended to get a Phd in Econ, but it was so obviously a fraud, I couldn't stomach it.  You are especially right in your view that they forget their models, their views, their writings, influence the behavior they attempt to predict in unknown and unknowable ways. 

 

 

 

 

 

 

 

 

francis_the_wonder_hamster's picture

I'd say Mises, Hayek, Rothbard, etc.... might not quite fit your otherwise accurate description of economists.  But then again, I'm biased....I like my freedom.

Sandmann's picture

Economics has always been a hoax. Adam Smith wrote as an observer of a pin factory and a moral philosopher. Ricardo wrote as a stockbroker. Mill wrote as a Utilitarian. Marx wrote as a sociologist. Pigou tried to find a theoretical framework. Keynes tried to find a Unifying General Theory based on observing Swedish economic policy and using Kahn's Multiplier.

The Mathematicians - of which Keynes was one - tried to create Deterministic Models forgetting they interact with the data. Economics became sponsored by Banks and OFIs - Fisher had lost a fortune in 1929, but Friedman was for hire and every self-publicist since wanted a newspaper column and presidential job and tenured chair with consulting on the side.

 

c2nnib2l's picture

Because of Trump now I want to be American and work to make this country great again ;P Trump was right... People around the world (bigger half) starting to love America again. 

The America I knew .. I read about when I was in my 20's and I always admired was America of Wild West, Christian Values, Hard Work and good pay, Country of Milton Friedman, Man of Honor and character like Clint Eastwood (for example) ;) , Low Taxes & Capitalism, Great Inspirational Speakers Dale  Carnegie and businessman like Henry Ford and American Dream coming true from rags to riches ! it was a land of opportunities. 

But the America which I saw with my own eyes couple of years ago was a lot like Europe where I live now and I'm extremely unhappy... I really feel like I'm living in G. Orwell 1984. In UK you've got CCTV on every corner they record and check everything you do. You have to be very careful what you say and how you say it because you might offend somebody with almost everything. If somebody breaks into your apartment, rape your wife and you kill him with the gun. You'll be the one in Jail for poses ion of weapon and murder. That's not a joke. Even police in 90% of cases haven't got a gun. 

Just take a look at British Cops vs one guy with knife 

https://www.youtube.com/watch?v=cX5CPx4RKWw 

30 police officers vs one guy with a knife that's how bad it is in Europe.

You can't express your opinion about anything. Straight away they'll call you racist. Homophobic or nazi. We should all love each other ! we're all equal... our education system is so broken that they actually teach kids this bullshit in school. Christian values are being wiped out to the extreme.. 

Even Xmass trees are being removed from shopping centers, crucifixes and pictures of Jesus so Muslims are not offended by it. And things are getting more crazy day after day....

 

You were almost there fellow Americans... Overwhelming socialism, equality, transgender families, global warming scam, Muslims on every corner .... 

There is a chance for your.. there is no hope for us :/ you need to show the world how it's done ! The rest will follow your lead. 

 

 

David Wooten's picture

"30 police officers vs one guy with a knife that's how bad it is in Europe."

I'd prefer the outcome of that video to seeing the guy shot without a trial as would have happened here in the US. The British police handled that quite well.

"If somebody breaks into your apartment, rape your wife and you kill him with the gun. You'll be the one in Jail for poses ion of weapon and murder. That's not a joke."

That is true - and bad.

"You can't express your opinion about anything. Straight away they'll call you racist. Homophobic or nazi."

That is no more true in England than it is in many places in the US.

 

 

doc333's picture

If that lunatic was doing that outside of MY house with my family inside, he would have been DRT (Dead Right Threre).  MUCH better outcome and save the tax payers some money

Paracelsus's picture

 

     It was a protest vote, and now he has come up with the goods or do some

   serious backpedalling. This country has been borrowing and borrowing, and

  kicking the can forward ten generations....

     Close the Zombie Banks, erase the student loan debt somehow, prosecute

 the bankers ( 2 years jail for all, a good start ).

   Other countries have systems where they forfeit the ill-gotten swag.

  Pay up or we come after your families. Trump will have to grow a pair...

   Seriously, if Putin can do it, we should be able to do it.

   All working class folks ( say less than $150k ) should pay 15% tax total. That's it....

    Write it into law. Soon no one will buy our debt, T-bills, etc. What then?

   We are only as good as our credit rating, which is about to flatline.

    Trump has been handed the baby with the crappy nappy...

RaceToTheBottom's picture

"erase the student loan debt somehow"

 

Basically,, NO.  There are enough vehicles to clean up debt available to people who were stupid enough to take debt.

We should change student debt to be included as part of a Bankruptsy, then let established laws handle it.

 

GW was a retard changing that rule to not allow student load debt to be part of a bankruptsy anyway....

 

Agree with your Bankster comment.

String them all up

ebworthen's picture

The Kleptoligarchy (Government & Banks/Corporations/Insurers) versus Church, Family, and the Individual.

daveO's picture

Listened to the Pope lately?

bonin006's picture

"No amount of quantitative data provided by polling, ‘big data’, or other techniques comprehended what might be captured through open-eyed experiential narratives. It is evident that there is a need for forms of understanding that can comprehend the currents within the human person, and go beyond shallow empiricism. Mainstream social science has offered few if any resources to understand, let alone challenge, illiberal majoritarianism, now a world-remaking phenomenon."

 

Yogi Berra said it better:  You can see a lot by just looking.

RaceToTheBottom's picture

Why not call it 1913-ism?

It is the fact that Economics have devlaued all fiats to essentially nothing.  Ya think that might have caused some of this?

 

VWAndy's picture

 Trump is just a byproduct of the no more BS movement. Everyone was already done with the lies. They trot out a new campion every four or eight years. We fall for it every time. Look at the things promissed at the start then score it at the end. Each potus has been a complete failure when it come to delivering. Obamas list gitmo,end the wars,equality,tranparancy,bla bla bla. 8 years down the same road.

 So make your list of all the bunny rabbits an sunshine Trump will bring. Please hold your breath while you wait.

  Two parties?  Can you show me a difference between O and shrub? Im not seein it.