Economics mostly

Errors in the theory, and practical aspects

That is what these short items are about.

I am no fan of orthodox doctrine in Economics, because it retains obviously wrong notions that should have been eliminated long ago. A required belief is the false idea that Economics is a science, which it certainly is not.

But then the orthodox doctrine is a system of belief, and individuals can be rather emotional about a belief system they hold dear. One such is the notion that ‘free trade’ will benefit all parties participating.

“In 1993 at Boston University, I took part in a panel discussion about the North American Free Trade Agreement (NAFTA); ..I expected that the economists would be most insistent about the virtues of free trade, ..but I was truly startled by their emotional vehemence. It sounded as though they were defending freedom against tyranny.”

__ So says Jonathan Schlefer on page 278 of his 2012 book: The Assumptions Economists Make, Harvard University Press. ..He has a PhD in Political Science, and a fascination with economists and their field.