Posted by: graemebird | July 31, 2009

There Is No Problem With Economic Science.

“We now not only have a crisis in our economies, there is also one in economic theory as well.”

I don’t see that at all Steven? The good economics is there. And it consists of a synthesis of insights between Austrian and British Classical economics.

There is no problem with economic science. There is a problem with alleged economists who talk nonsense and do not understand what is supposed to be their subject. Nor elementary logic. Nor indeed anything approaching an understanding of valid scientific methodology.

Consider Keynesian economics. Not only is it bad economics. It is in defiance of straight logic. Its an outrageous superstition. Reading the general theory these days is a laugh a page. Its unmitigated idiocy. It comes down to the fact that one is reading a tendentious fool who is astonishingly ignorant of his subject.

Or perhaps it is more accurate to say that reading the general theory WAS a laugh a page before this massive comeback wave of economic fallacy, championed by your profession, rolled on over us again.

Consider back when Keating was head to head with Hewson. Keating announced a plan for rabid deficit spending. And he reincarnated what was then the totally defunct Keyensian idea that during recession you have to run deficits. He said when the times were good his government had done the right thing and run surpluses. And now it was that part of the cycle requiring of deficit spending.

I don’t think any economically literate person believed he was fair dinkum at that time. These ideas were entirely anachronistic. Everyone just wanted Bernie Fraser to get on with it. We wondered what was taking Bernie so long. I thought at the time this monetary tardiness was Keatings way of rolling Hawke.

But you see you had two men heretofore both sharing the same “economically dry” or “economic rationalist” view of the situation. So Keating needed some market differentiation. So there he was in Papua kissing the ground. Talking about us becoming a Republic. Trying to broaden and deepen his public persona. And as part of this he was boosting the idea of putting all this red ink about. He might believe it all now. But its very hard to imagine that he was sincere back then. Since no-one shared this view of economics.

Keynesian could not have been more dead then. It only leaked back through the holes of dishonesty and ignorance on the other side of the street.

If you say that there is some crisis in theory, surely that means that there is some outstanding anomaly that you cannot answer. Now I know you’ve written a book shooting down Keynes to the max. But what on earth could this anomaly or anomalies be that are so confounding you?

Ask away.

And then you’ll know the answer.

Is it some sort of short-term/long-term anomaly between the apparent effects of deficit spending? Something that Solow may have talked about?

George Bush the younger was President under conditions of official recession. He got through his tax cuts. And the first quarter after those tax cuts economic growth immediately registered at a galloping 8% on an annualised basis.

Is it something to do with THAT where you think economic theory has fallen down.

There is no problem with economic science. There is just a problem with your colleagues. The economic science is doing fine. Its the economics sociology that is a disgrace.

Our problem is not with economic theory. Our problem is with your colleagues.



  1. Logged moderated post:

    Your comment is awaiting moderation.
    “Erin Burnett should be chained to a pole on Wall street along with all the other idiots on CNBC and left there to die a slow death of starvation and dehydration.”

    I don’t see why? Is it true? I mean its disgraceful. Why kill the camels? There we have a herbivore. Wandering free. Minding its own business. A long-standing friend to man. And these people want to charge after them and mow them down in a hail of bullets. ENVIRONMENTALISM. Thats what it is. Its a wing of environmentalism that is incredibly racist.

    The racism is so deeply held by these creeps that they have a fatwah on the camel since the camel is not indigenous to Australia. Its like with the Brumby horses.

    I mean this is a sick mentality. See there yonder. The Brumby horses. Running free and not a care in the world. And how long has it been since you were a kid running about without any aches and pains. Why it was just yesterday.

    We would want to be MORE LIKE THE BRUMBY HORSES. We don’t want to kill them we want to BE them. At least in retirement. Ride with them, or capture one to tame and treat well. Send the young blokes break them and to tame them and then sell them to someone who will care for them and still leave them with some level of freedom. Homestead them as it were. Or just ride around free with your trailbike and four-wheel drive. All the cheap liquified coal and firearms you could hope for.

    But look at Kevin and these mad lunatic racist Environmentalists. Just because the camels aren’t from around here they want to kill them. And the Brumby horses too. Hey there white boy Kevin. Your people aren’t from around here either.What comes around goes around milky bar kid.

    Those camels aren’t doing anyone any harm. Neither are the Brumby horses. Just leave them alone. Leave them alone. Those horses aren’t going to hurt anyone. Just leave them alone Kevin and I promise you those horses won’t hurt anyone anywhere.

    Instead the camels just have to be hunted down and murdered. And what for? Why kill the Brumby horses in cold blood? Why have them die screaming and in pain?

    Its because they are free that the environmentalists want to see them dead. Its because they are free and because they are a part of the European heritage.

    Good work Erin. And don’t listen to Cambria. He hasn’t been anything but a foolish old wop for some time now.

  2. Your comment is awaiting moderation.
    “Bob Ellis writes angrily defending chiropractic against criticisms that it has no scientific basis. He tells us that it cured his back pain, energy loss, memory loss and impotence. He believes his wife is alive because of chiropractic and that it cured his dog’s limp.”

    Yeah good points by Ellis. The medical professions unreason and pettiness on this matter is the cause of an incredible amount of suffering. Shame Doctors Shame.

    Kinsella is crazy to a degree which would seem to indicate psychiatric problems.

    Sometimes there are good essays at UNLEASHED. A highlight was SOON sticking up for Pratt. It was a pretty good thread and its a hopeful idea to think that the old wealth creator might have been made aware that people were willing to stick up for him before he died.

    But there is one thing really unacceptable about this site. Because the longer you stay there the more it looks like a rolling thunder of propaganda for the global warming racket. It begins to feel like the whole point of the site is to propagandize for climate science fraud and the other essays are just deep cover for that.

    One highlight for me was when when Teresa Martin went right into the centre of these blinkered ABC types and came out with the following:

    “Much has been written about Nadya Suleman, the single mother from California who has recently given birth to octuplets. Hands have been thrown in the air, eyes rolled, eyebrows raised and lots of tut-tutting – and all in the wrong direction, or at least towards the wrong person.

    Let’s look at the facts: a woman, knowing she has babies frozen in time and fully realising that they are babies, albeit very young ones, makes a life-giving decision to gestate and birth those babies. This is admirable and worthy of praise.”

    I was ecstatic that she could walk right in the middle of all these loons and just drop that bomb. Magnificent uncompromising pro-human-life to the max.

    It was a joyful thing that she could aggravate so many grey cold-evil ideologues to that degree, and still stay on the right side of the law.

    There was no way for these people to escape or be warned off the site. They must surely have been bouncing around the room like that dwarf from that great great love story….. Rumplestiltskin.

    Everybody had been whaling on her uninterrupted by the time I got there. So naturally I couldn’t help but congratulate her on such an astonishing display of female bravado.

    “Graeme Bird :

    04 Mar 2009 9:09:18pm

    Great work Teresa. I’m not saying I agree with you 100%. But this shows great moral courage to come on here and just say this outright. And plus I’m tremendously pleased by the distress you must have caused in these dumb-leftists.

    It is a shame that the taxpayers will have to help raise these kids. But on balance I’m on your side on this one.”

    Thats been the highlight for me of the whole unleashed undertaking. I rang her up to see how she managed to gain the courage to, in effect, walk into the middle of a Black Panther meeting and start tossing around the n-word.

    And she told me she had been INVITED ON!!!??? I could barely believe it. I could have consulted with every professional soothsayer downtown and never have anticipated it. Just shows what happens when you get a bit of quality (Albrechtsen and Windschuttle) on the board. Its doubtful to my mind that Teresa’s thread can ever be topped. It goes without saying though that often excellent work within the ABC does not justify us delaying the winding up of its funding even one more week.

    Bob Ellis’ pieces are always terrific. He’s what lefties used to be like before the nihilism descended. But just better with words. Always worth reading even when you disagree, which in my case is most of the time. He takes a bit of a troubling angle on Israel. Troubling but not treacly-psychopathic like most of the anti-Israel posts there.

    Barry Brook managed to gain partial absolution for crimes against science by showing up a couple of times and pushing very very hard for nuclear energy. And it was a good performance too from Barry. Not only powerfully convincing, crap understanding of the climate aside, but also his promotion of nuclear seems to have exerted a completely outsized influence for what is just a couple of essays there and a bit of writing elsewhere. His solid boosting seems to have had a ripple effect on the left and hopefully some sanity will rear its head where it hasn’t been seen in a very long while.

    Nuclear energy is the absolute key to “sustainability”. And here I mean REAL sustainability and not the leftist code-word for the phrase “pissing away property rights and pushing for globalism.”

    His performance on unleashed will be taken into account in the future global warming treason crimes trials. But if he wants to get off scott free he ought to cease and desist defaming better scientists then himself.

    6 Aug 09 at 4:19 pm

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