A Working Understanding Of Economics

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A Working Understanding Of Economics

To have a working understanding of economics is to understand the largest part of life. We pass our years, most of us, contemplating the relationship between the money we earn and the money we need, our thoughts suspended, as it were, between the two. Economics is about what we earn and what we can get for it. So an understanding of economics is an understanding of life's principal preoccupation.

There is another thing it can do for you. The newspaper headlines of 2015, when they escape from sex and the Middle East, are largely concerned with the economic decisions of governments. If people make no effort to understand these decisions, do not have an intelligent position and do not make that position known, they obviously surrender all power to those who do understand, pretend to understand or believe they understand.

And you can be sure that the decisions so made will rarely be damaging to those who make them or to the people they represent.

Learn More About Official Economic Prediction

Is Keynes Obsolete?

Yes, although not all economists yet agree today in 2015. His ideas are still those of the mainstream of western economics. Careful, intelligent or inspired management by the government and the central banks will supply the purchasing power that will keep employment at a high level without other adverse consequences; this is still the implicit faith of most economists in public office. But unfortunately you can be in high office and still be obsolete.

To be more specific, Keynes was concerned with unemployment and depression; he was almost completely unconcerned with inflation, which, in the years... see: Is Keynes Obsolete?

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