Biologists have done a pretty good job educating the public on the origins and workings of life. Physicists too on the workings of the universe. So how come that nearly everyone, gets it all wrong on money and the economy? The Economics profession has some explaining to do!
Even in America, would President Obama get a standing ovation for proclaiming that the Earth was only a few thousand years old ? Or that the creation of the Earth was literally as described in the book of Genesis? I don’t think so. But the same people who laugh at that kind of nonsense nod knowingly when he says that “the USA is spending wildly and driving up the National debt on a platinum card from the Bank of China, in the name of our children which they’ll have to someday pay back”.
It is the same, and maybe even worse, in the UK, Europe, and Australia! How can this have happened?
Not all economists are guilty though. There is an intrepid band in this video doing their best to put things right. Please re-tweet or repost this link (http://tinyurl.com/mjxvuoe) if you think the conventional wisdom on deficit reduction needs to be more widely challenged. You and your family’s livelihoods may depend on it!
If you have slightly more time this video explains in more detail: