Wednesday, 26 November 2014

Economics and Economists

The basic problems of our country, and indeed of most countries, are economic---massive poverty, unemployment, recession, price rise, etc.
 One would have thought that our economists would have seriously addressed these problems scientifically, and thought out solutions. Unfortunately the truth is that many of the theories which have been propounded worldwide by many economists, some of whom have even won Nobel Prizes, are often rubbish and /or deliberate obfuscation, and the  economics which is taught in our Universities and colleges is largely drivel and mumbo jumbo.
  Many of our economists have been educated in Harvard or Yale or Oxford or Cambridge or the London School of Economics. But I am not at all impressed by such qualifications. Many idiots have got degrees from these institutions. What matters is whether one uses the scientific method in economics ( as in most other studies ), and that is what I found missing in most economists, in India and abroad.

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