It’s time we put economics into some sort of physical scientific context that makes sense. Economists have drifted off into a disconnected world where, blinded by massive amounts of money and mystery, they see themselves as a kind of high priesthood calling the shots for practically everything, then saying they were blindsided by the debacle in the real estate world and the up-trading in wildly irresponsible and, strictly honest to say, greedy derivatives. And now they are fumbling around trying to decide which theory to apply to address the world deficit situation and spreading underemployment – among a number of other deadly serious things. Meantime they seem to have no idea whatsoever what to actually build physically and thus they are not developing anything like a strategy for a recovery that actually fits the situation on our oh-so physical planet Earth at this time of its Great Recession.
Some of us, if not economists, knew something was profoundly wrong with overvalued real estate sometime around 2005 or 2006; it seemed utterly obvious. Meanwhile the economists kept pumping the bubble for higher returns to those with money to invest and for themselves in the Priesthood. From our supposedly naïve non-economist point of view, myself and my friends, it was simply a little common sense.
Read more: http://www.filmsforaction.org/news/big_idea_we_need_a_new_science_of_physical_economics/
