[quote=Arraya]From an anonymous poster on another blog. Thought it was slightly relevant.
I think that many people that study economics are pretty conservative types and challenging what has been taught, and accepted, is a real break from their natural thought patterns. Consequently, they hang on to the theories, despite evidence to the contrary. That plays very well into the hands of politicians and leading bankers who seek to exploit an economic theory that supports their own actions.
Coming back to economics very many years down the track has been very interesting for me, and has confirmed many things I thought as a young graduate. I get a huge amount out of reading the bloggers who have a completely different perspective on economics. They are so much more focussed on the reality and not so much on the theory, and that sits well with my thoughts. They think in common sense terms, and I believe this is where economic thought has gone so terribly wrong.
Economics theory is soon to undergo a complete reversal in thought but it will take an undeniable collapse to bring that about[/quote]
Also agree with what he/she wrote. The bold part is especially compelling, IMHO.
