Myth of Perpetual Growth is killing America
By: Paul B. Farrell
The difference is that the economic profession is a genuine threat, not entertainment. Economics dogma is on track to destroy the world with a misleading ideology.
Why? Because all economics is based on the absurd Myth of Perpetual Growth. Yes, all theories and business plans based on growth are mythological.
Economists are master illusionists who rely on a set of fictions, fantasies and forecasts that emanate from a core magical mantra of Perpetual Growth that goes untested year after year.
And yet it’s used to manipulate the public into a set of policies and decisions that are leading the American and the world economy down a path of unsustainable globalization and GDP growth assumptions that will self-destruct the planet.
Denial? We’re all addicted to the Myth of Perpetual Growth
Yes, economists are addicted to this ideology. Trapped deep in their denial, can’t see the problem, or admit it, or if they do, they are unable to stop themselves, see past their own myopic world view. They’re mercenaries working for capitalists who pay their salaries, and expect them to support the capitalist’s bizarre Myth of Perpetual Growth.
Worse, the public also bought into the myth. Yes, you believe everything you learned in college about economic theories, all the textbooks, everything you read in the daily press, the government reports, all those Wall Street analysts’ predictions relying on studies prepared by economists with credentials.
But everything you think you know about economics … is wrong. Dead wrong. And until economics acknowledge this, the discipline is on a self-destruct path.
Why? The science of economics is not science. Yes, it looks scientific with all the fancy math algorithms and computer models that economists use, but all that’s just window dressing to make the economist look scientific and rational.
They’re not. Their conclusions are pre-ordained, fabricated, based on their biases, personal ideologies and whatever their employer wants to prove to manipulate consumers, voters or investors to buy what they’re selling. ‘What do you call an economist with a prediction? Wrong’
Don’t believe me? Go look at USA Today’s quarterly surveys of 50 economists projections of GDP growth. Invariably off by a large margin. And Barron’s Big Money poll? In past reviews we’ve seen a wide gap in forecasts by the bulls and bears.
Bottom line: Whether it’s Roubini or Roach, Kudlow or Krugman, you can’t trust the predictions of any economist. Ever. Best warning: That famous BusinessWeek editorial several years ago headlined: “What Do You Call an Economist with a Prediction? Wrong.”
Unfortunately, we live in a world of capitalists who thrive on the great Myth of Perpetual Growth, endless growth, ad infinitum, forever, till the end of time.
Published 11 months, 1 week ago under Economics