Comments on Betsy N. Hansen Covering Economics and ........: A Response to the Current State of Economic Educat...

Betsy, Unfortunately, it isn't just bad ideas in ...

2009-07-28T13:44:52.249-07:00

Betsy,

Unfortunately, it isn't just bad ideas in need of correction at the universities.

Extremely powerful interests benefit from general economic ignorance. It took a long time to make people forget the common sense of classical economics and classical liberalism.

Ridiculously math-heavy Keynesian economics was the answer--making the subject appear too complex for most people to understand and too boring for them to bother. Lord Keynes also provided justification for a powerful central bank.

The 17th Amendment was passed to stave off the kind of popular uprising against central banking that culminated in Andrew Jackson's election.

Imagine: Most people in America work hard all their lives for Federal Reserve Notes, while a handful of people get to issue all the FRNs they want, at any time.

Obviously, this small group can eventually control everything. They can fund both political parties (and they do), giving them control of every major policy.

They can create an education system aimed at keeping people stupid and obedient (see Gatto's Underground History of American Education, free online).

They can buy up all the media and consolidate it into four or five conglomerates, controlled by them (and they have).

Your idea of an Austrian-themed TV show on finance and economics is wonderful, but it's not very likely so long as the TV is controlled by Wall Street.

It's not a coincidence that everyone in the major media had the exact same opinions about Ron Paul, for example.

Well, do not forget that John Nash - a mathematici...

2009-07-28T07:36:44.306-07:00

Well, do not forget that John Nash - a mathematician - won the nobel prize not in mathematics but economics.

Nash was also a complete lunatic, of course.

But that hasn't stopped our rulers from constructing an entire macroeconomic apparatus based upon the "Nash equilibrium". AIG insurance group was a very important component of that.

I'm so tired.

Excellent commentary. I have two friends that dec...

2009-07-27T23:40:00.970-07:00

Excellent commentary. I have two friends that decided against graduate economics degrees precisely because of the math involved.

Betsy, I found your thoughts to be hysterical. I ...

2009-07-03T13:34:34.818-07:00

Betsy,

I found your thoughts to be hysterical. I too am in the process of applying to graduate school in economics and have long realized by doing so I would end up acquiring an applied math degree.

When I've questioned my professors they've completely disregarded the notion that mathematics has done more harm than good for this field. What's even more outrageous is that in order to receive a job at any respectable institution you have to produce some worthless research that lacks any foundation whatsoever.

Regardless, I'll still put up with the nonsense, get the degree, get a job and then throw it all back in their faces.

I sympathize with your experiences, Betsy. I took...

2009-07-03T10:53:21.199-07:00

I sympathize with your experiences, Betsy. I took an undergrad Micro course last spring as preparation for graduate study in economics, and have since postponed my decision to go back to school. My interests included Austrian economics, individual liberty, and business decision-making strategy; I found my textbook's nebulous academic pursuit of quantitative proof founded on faulty assumptions to be unhelpful and ironic. Moreover, formulating society-wide policies and laws based on calculations founded in faulty assumptions is just nuts. Hopefully the field will change, but first I believe economists must understand and appreciate individual liberty. Good luck in grad school, and I invite you to check out my blog! myrationalreality.com Andrew

The frustrating situation that you describe, where...

2009-07-03T06:18:56.617-07:00

The frustrating situation that you describe, whereby academic economics has gone off in unproductive directions, is not unique to the field. Many academic areas of study have jumped the shark. The problem is that they have become private clubs, cartels which are largely cut off from market forces and thus any real accountability. Nobody reads the journals other than other academics? No problem. Nothing useful for the real world in those research articles? No problem.

Betsy, the answer to understanding "life, the univ...

2009-07-03T02:09:26.592-07:00

Betsy, the answer to understanding "life, the universe and everything", including economics is simplicity itself. The Rosetta stone for decoding this is the fact that "correct choice equals survival". Our predators want to survive at our expense. This means they must control our choice. Subverted education, including media and economics is their method.

As to the relationship between mathematics and economics, pay close attention to "Mathematics of Rule".

The "rule of law" is a precisely defined law. It is the highest law of mankind, stated below:

“the suppression of forceful and fraudulent methods of goal seeking”

“all are treated equally by the law”. This means ALL, including king and judges

“absolute property rights”

This in turn is based on the fact that human behavior (the topic of law) is about goal seeking. In the seeking of any goal, there are only three possible methods: force, fraud and honest trade. Any transaction that is not an honest, mutually agreed trade will cause a self-defensive response (conflict) from the victim whose survival has been affected.

"The Rule of Law" is the glue that keeps all of mankind acting together in common interest, tied together by mutual dependence of trade, on an evolutionary path to excellence. Force and fraud creates conflict and destroys civilizations. Mankind is now on a devolutionary path to extinction because the co-operation once forced by "the rule of law" has been replaced by legitimizing force and fraud for those who incorrectly believe they wield power.

Rule of Law, Defined: http://www.nazisociopaths.org/modules/article/view.article.php/c1/34

Purpose of, Reasons For: http://www.nazisociopaths.org/modules/article/view.article.php/36

Mathematics of Rule (explains current economic stall):
http://www.nazisociopaths.org/modules/article/view.article.php/c1/32

Now you KNOW.

Bill Ross
(Electronics Design Engineer)

Betsy, Did anyone at MU explain why they have not...

2009-06-22T12:03:56.140-07:00

Betsy,

Did anyone at MU explain why they have not yet pursued getting their credential-giving-license so they can do just what you say they need to?

This situation has existed for a very long time, a...

2009-06-20T13:24:11.797-07:00

This situation has existed for a very long time, and no dissidents are allowed. You sound like you could thrive in a Political Economy program, and could get more out of that than further study in the Austrian Economics you are already familiar with.