Voodoo economists
Our economic discipline is failing by 19th-century fundamentalism that refuses to adopt computational mathematics. It causes inequality and climate collapse.
The discipline of neo-classical economics as promoted by the Chicago School and championed in the elite's love of neo-liberalism has been a monumental failure for our planet.
The whole unstable edifice is balanced solely on the faulty foundation of self-enrichment, this, at both the micro and macro levels.
To understand fully the false assumptions in traditional economics read the economic Bible of the 21st century, ‘Debunking Economics’ by Dr Steve Keen (2001&11).
We have labelled economics, taught at our universities, as ‘faith-based’ its roots were set 18th & 19th centuries and the practice of it, is like our Physicians practising today with the their knowledge limited to the 19th century. Just imagine that for a moment!
It is unbelievable, however, that is what thousands of economic undergraduates embark on when practising as economists at our financial institutions, corporate conglomerates, government institutions, central banks et Al!
Our political ministers are ill-advised by this false group of what amounts to voodoo, hence puerile policies like austerity, a form of self sanctions which enriches those with capital and impoverishes those without, the clue is in the title ‘capitalism’.
We are wedded to a system that promotes self-enrichment, this is tethered to perpetual growth, unsustainable on a planet with finite resources. A basic understanding of mathematical geometric progression highlights the idiocy of the reliance on GDP, (which even Simon Kuznet, the originator, warned against!
Who then are the economists for the 21st century? The answer is very simple, mathematicians, and mathematical computation in new tools like computer modelling, similar to that adopted by the meteorological community, which can accurately forecast weather outcomes even in limited geographical areas. Their models embrace multi-factorial inputs that a human mind could never compute.
It is well-documented that neo-classical economics relies on very basic linear calculations based on false simplistic assumptions, that omit, when aggregated into macroeconomics, important data, like debt, personal and corporate, money creation, and much more.
Computer modelling & now AI with complex algorithms and boolean calculations, 3rd order non-linear, have shown that without their inclusion we end up with a collapsed fiscal environment as we are currently witnessing.
The crass ignorance of our politicians who have not accepted this paradigm shift is creating the final death throes of our planet, not just fiscally but ironically the climate collapse which has left the voodoo economists as complicit in what could be described as a planet-wide genocide and the elites who benefit from unfettered and obscene wealth.
When you hear the nonsense currently peddled by a dystopian world elite and their handmaidens, think of non-scientific voodoo economists. Seek the advice of mathematically trained economists, not the high priests and priestesses of a historically obsolete discipline.