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Thursday, February 19, 2004

Regarding Surprised but Undaunted

Bret, I enjoyed the article about the student who went to Beijing to lecture PhD's on economics when he had no idea what he was talking about. This suggests to me that nobody really knows what they're talking about when it comes to economics. One guy says Krugman is not an economist, another says Greenspan doesn't know his ass from his elbow. I suspect that other than knowing that communism doesn't work, nobody has the slightest idea what actually does work. Take Sweden, for example. Very high tax rates -- among the highest. Pretty decent economic growth. Good healthcare. Viewed favorably as a country in nearly any dimension you want to survey. Care to explain why?

Now, imagine an untrained student trying to lecture a group of PhD physicists about physics. I'm guessing he wouldn't get very far. The sham would quickly become apparent. Economics is not a science; it only pretends to be so analytical people who don't know how to build anything have something to talk about.

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