MCViewPoint

Opinion from a Libertarian ViewPoint

Doug Casey on How Economic Witch Doctors Convince Everyone They’re Neurosurgeons

Posted by M. C. on December 11, 2021

Where to start? In my opinion, the best-done single book that you can read about economics is Henry Hazlitt’s Economics in One Lesson. It’s only about 150 pages, and it’s a gem. Everybody should read it.

https://internationalman.com/articles/doug-casey-on-how-economic-witch-doctors-convince-everyone-theyre-neurosurgeons/

by Doug Casey

International Man: The average person doesn’t care about economics. But to the extent that he does, he only reads mainstream publications like The Economist and editorials in The New York Times.

In these publications, the average person will find so-called economists advocating upside-down and destructive concepts like negative interest rates, banning cash, debt-fueled consumption, government spending, and rampant money printing as the cures to economic ailments.

And if those methods don’t work—or inflict damage—the establishment economists’ response is to simply call for more money printing, more debt, and even lower interest rates.

What’s your take on conventional economic thinking and methods?

Doug Casey: Frankly, most “economists” today are only political apologists masquerading as economists.

An economist is somebody that describes the way the world works—how people go about producing, consuming, buying, selling, and living their lives. That’s not, however, what most of today’s PhD economists do. Instead, they prescribe the way they would like the world to work and tailor theories to help politicians demonstrate the virtue and necessity of their quest for more power.

See the rest here

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