Want to Grow the Economy? Stop Listening to Clueless Economists
mises.org / John Tamny / August 31, 2017
The great investor and writer Andy Kessler frequently points out that the failure rate among Silicon Valley start-ups is 90 percent. Every member of the economics profession would be wise to memorize the previous figure, and repeat it daily. If so, economists might come closer to understanding why they’re mystified by what they deem slow economic growth. And mystified they are. So much so that they’ve apparently given up.
According to New York Times reporter Binyamin Appelbaum, the theme that emerged from the Kansas City Fed’s Jackson Hole confab is that economists have ceased offering growth proposals. Appelbaum indicates that they’re playing defense now; floating ideas to allegedly ensure things don’t get worse. Having tried everything since 2008 (more on this in a bit), they’ve given up arguing about what they plainly don’t understand, or recognize. It almost renders the credentialed sympathetic in some weird, pathetic way.
And it’s encouraging. While the role of central banks (the Federal Reserve is the world’s #1 employer of economists) in the economy is vastly overstated either way, it’s good to see a routinely incorrect profession realize that it is nearly always incorrect. The first step to healing is recognition of the problem, or something like that.
While central bankers plainly don’t understand what drives economic growth, they need to realize that what they do has little to do with growth as is. Lest they or readers forget, central banks project their always overstated and rapidly shrinking economic influence through antiquated banks; banks arguably the least dynamic sources of credit in the world, and surely the least dynamic in the U.S. Going back to the Silicon Valley stat that begins this piece, does any sane person think banks have anything to do with the finance that drives this hotbed of innovation? This is a short way of saying that even if central bank economists actually had a clue, their doings would have little relevance to the economic sectors that actually power growth.
The post Want to Grow the Economy? Stop Listening to Clueless Economists appeared first on Silver For The People.
Source: http://silveristhenew.com/2017/09/02/want-to-grow-the-economy-stop-listening-to-clueless-economists/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).