In Economic Science, it is my firm belief, there is no "grey area" - some place between the Left and the Right, some "middle path" between rival party programmes.
Science is not politics.
And a scientist goes out looking for The Truth. No scientists ever sets off to discover a grey area.
Thus, in Economics, there is "right" - and there is "wrong."
There is Truth - and there are Lies, Damned lies, and, of course, Statistics.
(The chief of the Gaulish village is Vitalstatistix!)
One basic truth of Economics is that mathematical methods are inapplicable here. To study "human action" mathematically is as absurd as trying to study Law mathematically.
Economics is a "logical science."
So, while you study maths, stats, and other nonsense in your State-approved Economics course, remember these words of Mises:
The truth is that the "Indian Economics" textbooks are full of all the pious intentions of our Central Planners. The truth is also that all these plans have failed. The Market works. That is the truth.
Science is not politics.
And a scientist goes out looking for The Truth. No scientists ever sets off to discover a grey area.
Thus, in Economics, there is "right" - and there is "wrong."
There is Truth - and there are Lies, Damned lies, and, of course, Statistics.
(The chief of the Gaulish village is Vitalstatistix!)
One basic truth of Economics is that mathematical methods are inapplicable here. To study "human action" mathematically is as absurd as trying to study Law mathematically.
Economics is a "logical science."
So, while you study maths, stats, and other nonsense in your State-approved Economics course, remember these words of Mises:
Truth has its own way. It works and produces effects even if party programs and textbooks refuse to acknowledge it as truth.
The truth is that the "Indian Economics" textbooks are full of all the pious intentions of our Central Planners. The truth is also that all these plans have failed. The Market works. That is the truth.
The past couple of days have been great for our cricket players and fans alike(including me). Booze flowed like water. The players of course deserve all the adulation and the rewards for their work.
ReplyDeleteThey earn a lot and rightly so, from the prize money and endorsements. Finance minister has announced tax relief for Team India( this is good, we all could do with some relief Mr Mukherjee)
But a couple of news items in this morning's paper have got me thinking too.
Many state governments have announced crores for the respective players. All this is of course tax payers money. Now this can never be good for the economy. I wish if one of the players could come forward and decline such rewards, others might follow suit. Then they would be not just sporting heroes but real heroes and patriots.
Cheers