The discipline of economics in the aggregate is fatally flawed because of a complete ignorance natural law. As intricate as economic theory is, it never has a chance of working as intended because it is flawed from the beginning. The most elaborate theories can be debunked in a sentence or two by pointing out that influences at the most basic level are not even known about much less considered. If a cook uses salt in place of sugar in making an angel food cake, it is going to taste less and less like a cake as more and more salt is added. No cook is going to do this unless it is by accident. The world’s most esteemed economists do this and nothing else by using erroneous assumptions. They do not recognize what the most basic influences are. Neither do the people who listen to them and hang on every word that comes out of their mouths. A quick look at the image below presents a clear picture of where aggregate economics is focused. The trunk of the tree illustrates where Fantasy Free Economics is focused.
I discard economic theory dogma because it guarantees bad outcomes. It is all based on math and the theories are all based on math. The basics of economics can’t be explained with numbers because the influences that cause numbers are not even acknowledged. That is because no number can explain a basic influence. Natural law accomplishes that.
I believe in math. I have even taught algebra II and pre-calculus. I am not a mathematician but math may be the most useful skill a student often learns. However, it is as dangerous to use math where it doesn’t apply as it is to to use dynamite to try and solve all of the worlds problems. Dynamite is wonderful also, provided it is used it the right way and for the right things.
I am going to use probably the most acknowledged natural law known for example. Power corrupts and absolute power corrupts absolutely. Who disagrees? Someone might disagree but as of yet I have not encountered such a person. So what does mainstream economics do with that tidbit of truth? It deems it a platitude and ignores it. Doing this alone guarantees failure. All natural law, other than a few like the laws of supply and demand, are ignored. More importantly natural law is not used. Even the laws of supply and demand are not mentioned or acknowledged as being natural law.
Buy accepting the power corrupts law it is easy to show that those in powerful positions are always more corrupt than the masses who give them power. When a person is given a position of power that person becomes more corrupt than he was the day before acquiring the position. Society treats such people as peers, but they are no such thing. The indisputable truth is that the automatic corruption makes that impossible. Mainstream economics pretends that empowered folks are no different than any other of their brethren. All are assumed to be working tirelessly seeking to improve the lives of ordinary people. Yet, because they are more powerful than the rest of us, it is natural that they are more corrupt than the rest of us.
If you are interested in learning principles of basic natural law, I suggest finding Jordan Peterson’s Youtube Channel. He is a much better teacher of natural law than I am. No, I don’t know him. We have never met. One of my sons sent me a link to one of his lectures that begins with an explanation of his channel having been taken down by Youtube and eventually being reinstated. Knowing that, I was pretty sure he was teaching something profound and watched the whole two hour presentation. I am glad I did. He is an extraordinary teacher. Other than that I know nothing about him personally other than that he also comes across as a terrific psychologist which is his chosen academic specialty. My impression is that he is an honest man trying to share what he has learned with everyone else. I am going with that because I have no information to the contrary.
I studied the reasons why his channel was taken down. What he did is tell the truth about something and a few others were offended by what he said. He was punished under the provisions of the emerging unwritten law that new and different pronouns be used by people who wish that the use of these pronouns be required universally. What nonsense that is. It is human nature to call them as we see them. In 3000 years that may be different but in today’s world we are all defined in terms of how we appear to others in their minds. By statute, no one is required to say she, her, mam or sir. It might be our desire that everyone address us in a certain way but it is silly to even suggest requiring them to do so. They themselves are hurt by their efforts. Folks never consider how they are going to be spoken of behind their backs when they try to force others to respect them.
The truth is a hard sell. Fantasy Free Economics gains readers one at a time. Major search engines simply do not list blogs which disagree with their political agenda. As long as folks share the link to this blog and others speaking out against the grain, the truth will at least trickle into the public consciousness.
Fantasy Free Economics recommends the following blogs.
Woodpiler Report Of Two Minds Liberty Blitzkrieg Mises Institute Straight Line Logic Paul Craig Roberts Straight Line Logic