There are few debates that economists take only one side in and trade is one of them. Textbooks argue that trade creates prosperity always and everywhere. Students are required to answer questions on the benefits of trade and the costs of protectionism. There is a strong attempt to give the impression that all economists support free trade and the debate is only between those who understand economics and those who don’t. What is strange about all of this is how shaky the foundations for this belief are. It is mostly reliant on the “Law” of Comparative Advantage, which as I shall discuss, has some very significant flaws. Continue reading “Challenging Economics – Theory Of Comparative Advantage”
One of the fundamental problems with neo-classical economics is its lack of reality. In university students are taught theories that bare little similarity with the real world. I have learned a lot about economics and society during my time in university, unfortunately very little of that happened in the classroom. So I will run a series of posts where I challenge mainstream economics and debunk the unrealistic theories. Myself and my classmates are well able to explain abstract theories but can say little about the state of the economy or what to do about the recession. First up is the Coase Theorem, a particularly ridiculous theory that only an economist could take seriously. Continue reading “Challenging Economics – Coase Theorem”
If anyone ever claims the Bible is completely true and a book to be taken seriously, I’ll point to the story of Noah’s Ark. This story demolishes any claims Christians may have that the Bible is true, that God is just or religion makes any sense. It is a ridiculous and preposterous tale that is almost too easy to knock down. But it shouldn’t be. Christians aren’t idiots they should recognise how little sense the story makes and drop it. We shouldn’t teach children this daft story based on the extermination of humanity. We shouldn’t blindly accept the story, but instead question it and ask, how did all the animals fit on Noah’s Ark? Continue reading “How Did All The Animals Fit On Noah’s Ark?”
Whenever I tell people that I’m studying economics they usually ask me how to solve the recession or what to do about the banks. Each time I’m embarrassed over the fact that we have never even mentioned these issues in lectures. In my course I have basically been taught that the free market is the most efficient and best system in the world and trouble always results when it is interfered with. In my textbooks recessions are not mentioned, they do not happen. There is no explanation of unemployment, the biggest issue of our times. There is no mention of profit, the heart of capitalism. Nor do they talk about banks or money or advertising or how systems are guided by power relations. No mention is made of poverty, in effect ignoring three-quarters of the world.
Continue reading “What Economics Doesn’t Talk About”