Wednesday, May 26, 2010

The 'Science' of Economics

From U. S. News of April 30, 2010:

"...economists think many of the 8.4 million jobs lost during the recession are gone for good.
"There's a global paradigm shift going on", said Mohammed El-Arian, CEO of the huge investment firm PIMCO, at a recent conference in Los Angeles.  "There's always a recognition lag.  People hold onto the old paradigm until the evidence of a new paradigm is overwhelming."

So, we, the people, are supposed to understand that the financial meltdown was the result of some inexorable tectonic forces deep in the substructure of economics.  And it's our fault if we can't let it go and catch up with the latest ideas in chaos theory. 

What pompous puffery!   "Paradigm shift' is a fancy euphemism for system failure.

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