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Forum Post: "it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.”

Posted 3 years ago on Nov. 5, 2011, 5:53 p.m. EST by owschico (295)
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“It is no crime to be ignorant of economics, which is, after all, a specialized discipline and one that most people consider to be a ‘dismal science.’ But it is totally irresponsible to have a loud and vociferous opinion on economic subjects while remaining in this state of ignorance.” ― -Murray N. Rothbard

14 Comments

14 Comments


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[-] 2 points by RedJazz43 (2757) 3 years ago

On the other hand it's the smart people, with lots of esoteric knowledge about economics that got the economy in such trouble. Yet Obama continues to want to keep the foxes in charge of the hen house.

[-] 1 points by derek (302) 3 years ago

I agree "smart" economists got us into this mess. Intelligence is not the same as wisdom, and even wisdom is not the same as compassion or virtue. For alternatives, consider: http://knol.google.com/k/beyond-a-jobless-recovery

Or: http://www.responsiblefinance.ch/appeal/ "The authors of this appeal are deeply concerned that more than three years since the outbreak of the financial and macroeconomic crisis that highlighted the pitfalls, limitations, dangers and responsibilities of main-stream thought in economics, finance and management, the quasi-monopolistic position of such thought within the academic world nevertheless remains largely unchallenged. This situation reflects the institutional power that the unconditional proponents of main-stream thought continue to exert on university teaching and research. This domination, propagated by the so-called top universities, dates back at least a quarter of a century and is effectively global. However, the very fact that this paradigm persists despite the current crisis, highlights the extent of its power and the dangerousness of its dogmatic character. Teachers and researchers, the signatories of the appeal, assert that this situation restricts the fecundity of research and teaching in economics, finance and management, diverting them as it does from issues critical to society. ..."

Or see: http://bod.in.ua/en/artikel/49-the-market-as-god

[-] 1 points by Daennera (765) from Griffith, IN 3 years ago

Investment bankers generally don't have as good a grasp of economics as economists do. Those with a good grasp of it tend to stay out of the limelight.

[-] 1 points by Idaltu (662) 3 years ago

Damn that is really funny...sadly it is also true.

[-] -1 points by owschico (295) 3 years ago

because Keynesian economics is all they are educated in or care to promote, it is a scam and they are the perpetrators of

[-] 1 points by derek (302) 3 years ago

This appeal by alternative economists suggests much the same: http://www.responsiblefinance.ch/appeal/

[-] 1 points by buik (380) from Towson, MD 3 years ago

"screw Murry N. Rothbard, whoever the hell that is"

-Buik

[-] 1 points by Daennera (765) from Griffith, IN 3 years ago

Investment bankers generally don't have as good a grasp of economics as economists do. Those with a good grasp of it tend to stay out of the limelight.

[-] 0 points by owschico (295) 3 years ago

exactly, but this quote is directed at the ignorance in this movement.

[-] 1 points by Daennera (765) from Griffith, IN 3 years ago

That was supposed to be a response to RedJazz34. Don't know what happened there.

[-] 0 points by owschico (295) 3 years ago

the people in this movement are very much in the limelight

[-] 1 points by Daennera (765) from Griffith, IN 3 years ago

Hence, they are not educated economists. That's kind of the point. Usually those who have a good grasp of what is going on are not going to scream about it. We are lucky if they even speak in whispers.

[-] 0 points by owschico (295) 3 years ago

as we have seen the MSM will go to great ends to make sure differing opinions are not broadcast ( RON PAUI)

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