Monday, March 30, 2009

Nothing logical or scientific about Economics or Economists

I am really fed-up with economics and economists. They just can't seem to be able to make up their mind on what is the right thing to do. They almost sound like an old-boys-club for rich people. Take following as examples

  • When Government of India declares loan waiver scheme in 2007-08 for farmers a majority of whom can't repay their loans because of failure of crops and other reasons, everybody is up in arms. Everybody starts talking about how it is the worst thing to do. When President Obama talks about trillions of dollars in bailing out US banks who are essentially private enterprises and they are in trouble because of their own mistakes all of a sudden it becomes a prudent economics. So somehow it seems that bailing out really poor private citizens is bad while bailing out private enterprise is good.

  • When GoI talks providing stimulus to economy, S&P and their friends worry about fiscal deficit while when same things is done by US government it seems to al right.

May be nobody just has a clue and they just keep on propounding their favorite theories till the time these are debunked.

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