Shades Of Economics

It has been a while since I posted anything here, I am having way too much fun on Facebook.  But I thought this was worth taking the time to post.

 

Economics.  You’re either an expert or you are not.  It seems that the more expert you become, the more incomprehensible and the less understandable you become.

 

For example, listen to this economist trying to explain economics simply:


This says a lot about economics, very little of which, you (or I) need to know in order to understand how the world works or what its current situation is.

I share it only to illustrate the point that the speaker makes: “Never trust an economist. That includes me.” (Him, not me. I am not an economist.)

 

In contrast, take this story from The Guardian.

Image credit:  The Vanguard-class submarine HMS Vigilant at the Faslane naval base on the Clyde.  Photograph: Danny Lawson/PA

A story about an economics problem that is facing the new British Prime Minister, Theresa May, tomorrow Monday 18 July, 2016:  Trident: what you need to know before the parliamentary vote.

The story can be summed up like this, and I quote: “In 2006, a Ministry of Defence white paper estimated the cost of replacing the vessels (Trident Submarines) to be between £15bn-£20bn. CND now estimates that it will cost over £200bn.”    Italics, mine, to provide clarity.

This story says little about economics but it does tell you all that you (or I) need to know in order to understand how the world works or what its current situation is.

I share it only to illustrate the point that, economically, in 2016 the world is way more ‘fucked’ (10 times more ‘fucked’, in fact) than it was back in 2006.

Now, that’s economics.