Vicar spills the beans

Economics is religious so are you a believer?

This vicar doesn’t say…

And then of course our Chancellor can claim all sorts of spurious reasons why money, which his government has created, should be paid back to itself. Though he doesn’t mention that.

Economics is, it seems to me, something that we have all been conned into thinking that we cannot realistically understand. So the Treasury men and various City economists will be able to tell us how it works, without, for we poor souls of little brain, going into too much detail.

But in typical religious fashion it works.

And in typical religious fashion – just not for us, but for them.

Comments

  1. Andrew -

    Indeed. Economists are really moral philosophers, political scientists, applied psychologists and/or anthropologists. Many neglect that The Theory of Moral Sentiments came first, before The Wealth of Nations.

    Since perhaps the time of Alfred Marshall – what, 130 years ago or so – economists became jealous of the simplicity of mathematics and equations to describe the physical world, and subsequently tried to make economics fit that mould. Which is of course the wrong way round: a scientist develops a theory to explain the known facts and then make predictions that you can test, rather than trying to force the facts to fit the theoretical model.

    1. Peter May -

      Agreed.
      Indeed if I understand correctly Adam Smith at the time of his writing was known as a philosopher.

  2. Schofield -

    Neanderthals died out because they weren’t as good at social networking as homo sapiens. Social networking is good for mobilising resources. The invention of money helped enormously to mobilise resources therefore it can be said to be an adjunct to social networking.

    Ask, however, most of the UK electorate why private banks shouldn’t be made to balance their books before they lend just as most UK politicians say government must do before it spends and you draw a blank. May as well be talking to Neanderthals!

  3. Chris -

    But as the government owns the BOE and can instruct it to create however much it likes the idea of debt becomes irrelevant. The government owns the debt an would be particularly stupid to insist on repaying the debt to itself which it owns. But of course this explodes the myth of having to pay for the pandemic which is of course is nonsense.

    1. Peter May -

      Quite – the government in the Alice in Wonderland world where it is suggesting it has to repay debt which it itself owns.

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