Economics Needs a fox who cares about all Details

 

In his frankly negligent article, Blanchard agreed that the goal of economists should be broader than just maintaining stable and low inflation. He even agreed that the inflation rate should be higher than the generally accepted target of 2%. But he only slightly questioned the core assumptions that led economists to produce those concepts, and the harmful policies proposed based on those concepts, and did not question whether the profession of economists was too unrealistic and reduced to theoretical empty talk.

Economics needs more foxes who care about all the details:

We need economic sociologists, economic historians, and economic anthropologists to sort through history and current affairs, and understand what theories are applicable to and not applicable to. However, economists are very afraid of sociology. During the 2008 financial crisis, it is obvious that few economists have studied the risk structure of the mortgage products worth hundreds of billions of dollars on Wall Street. Some economists use tools to explore those issues (but such people are obviously not enough); some economists criticize the deviation of economics circles, and their spirit is quite admirable (but such people have often won in policy debates in recent years. Not mainstream), but ordinary economists did not delve into the real world in order to make practical economic tuition in Singapore judgments. They did not explore the origins of the sublime.

The novelist Henry James once advised students:

"Any point of view that directly affects life is very interesting. You should think about life directly and carefully." Economists can also benefit from these words. In economics, theories are not enough, and theories often have obvious fallacies.

In this book, we focus on economic thinking and practice in the past thirty to forty years. I divided the mainstream theories into seven fallacies. Some theories started with good intentions, but were severely abused later. These theories are full of charm, concise and concise, but they all bring harm after all.

 

 


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