Thursday, August 09, 2018

Economics as Religion

It has occurred to me that modern political economics is a lot like religion, for several reasons:

First, they both require you to take their laws and rules and pronouncements on faith, ignoring evidence to the contrary. Tax cuts will pay for themselves. Cutting taxes on the wealthy helps the poor. Deficits will disappear because the economy will continue to grow at very optimistic rates. Every other country will be happy to renegotiate trade agreements so that the United States will get a better deal at their expense.

Second, they both ask you to make sacrifices and accept pain in the present because the future will be paradise. You can see this as tariffs designed to protect certain industries result in pain for other segments of the economy ... the steel industry may be boosted a bit, but other industries are being hit hard by retaliatory tariffs, and the administration has had to come up with billions of dollars in aid to protect farmers.

Third, they both ask you to believe in miracles, such as Mexico is going to pay for that wall.

If you want to choose a miraculous system in which to believe, GOP economics and religion seem to be equally good options.

Have a good day. More thoughts coming.



Mike said...

So are you going to start an evidence based religion? It will be interesting to see how it works out.

Or your next adventure could be as an evidence based foresight economist. We've got to many hindsight economists already.

eViL pOp TaRt said...

Economics seems like a belief in the Easter Bunny -- if we're good, he will bring you chocolate eggs. Maybe Gold Brick eggs.