It is a political year, 2012. In November we have Federal and State elections. It is a year in turmoil, especially economically. Some economists are aloof, they just know that the great unwashed know little about economics, it is their job to enlighten them. I take the other side, the American public are some of the most economically savvy people in the world. Our whole system ensures that.
Some people assume the economists are right, and don't even try to figure the economy out. There are others who are pretty knowledable about economic things, but let the alphabet like GNP, and GDP etc. get in their way. These are the audience we seek here. One thing you will never see here is complicated equations and meaningless terms. Economics is a social science, no matter how badly economists want it to be a physical science, it is not.
At times this blog will get political, because I do not know a way to separate the two. I do come at economics from an Adam Smith perspective, and I firmly believe, unlike the Keynsians, that even our government, perhaps the largest in the world, does not have enough money to stimulate our economy in any major way. They can only cause issues. I also believe it is government's job to set the rules for economic activity, to keep the thieves at bay. However, these should be rules like with any other game, specific and not open to interpretation, and perhaps most importantly, unchanging.
We will endeavour to search the news each day for economic stories, post a link to that story, and then try to explain in a way that most will understand the economic theory involved.
Thank you for joining us, let the fun begin!
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