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Haku

Economics as Religion

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I always thought economical talk sounded so dogmatic. People seem to be clinging to one idea or another as if it was ultimate truth.

Fun read:

 

Quote

Economics offers a comprehensive doctrine with a moral code promising adherents salvation in this world; an ideology so compelling that the faithful remake whole societies to conform to its demands. It has its gnostics, mystics and magicians who conjure money out of thin air, using spells such as “derivative” or “structured investment vehicle”. And, like the old religions it has displaced, it has its prophets, reformists, moralists and above all, its high priests who uphold orthodoxy in the face of heresy.

 

https://www.theguardian.com/news/2017/jul/11/how-economics-became-a-religion

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18 minutes ago, Haku said:

I always thought economical talk sounded so dogmatic. People seem to be clinging to one idea or another as if it was ultimate truth.

Fun read:

 

 

https://www.theguardian.com/news/2017/jul/11/how-economics-became-a-religion

 

There are some absolute truths that have been observable throughout history, for example: free trade between nations leads to a greater variety of goods and services, lowers costs between consumers and thus increases utility, wealth and the number of jobs. Or that countries that allow free enterprise within themselves have far higher standards of living than those which don't. Or that property rights and economic freedom ultimately lead to personal freedom too. There are huge historical examples for all of these things ranging back into antiquity.

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As I mentioned I've been listening to Thomas Sowell Basic Economics and this is the impression that book gives me (attached in image)

 

 

As far as economics being a religion - I dunno, a lot of the stuff he says actually makes a lot of sense. There is a lot of logical thinking involved and it doesn't sound like pseudoscience. 

 

(Black circle should be renamed "Useful Goods". One thing Sowell says is that a lot of resources can be wasted in producing unneeded items. In capitalism this unnecessary production of goods results in losses.

Capture.PNG

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