Comments on: Review: Some of what is wrong with economics http://blogs.reuters.com/breakingviews/2015/04/17/review-some-of-what-is-wrong-with-economics/ Mon, 26 Sep 2016 03:26:00 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: NicholasKabaso http://blogs.reuters.com/breakingviews/2015/04/17/review-some-of-what-is-wrong-with-economics/comment-page-1/#comment-18097 Tue, 28 Apr 2015 09:36:17 +0000 http://blogs.reuters.com/breakingviews/?p=30661#comment-18097 The points advanced in this article are very valid and merit serious consideration by all economists vis a vis learning from history.

However, we may need to realize that society’s demands will always be unique at any given point in time. And the underlying economic problem of scarcity of resources will remain universally true all the way through. Additionally, we all need to be cognizance of the fact that for as long as we will never have codified principles of economics for any given societal problem and have structured governance around its application, no two economists will ever agree.

That said, I need to highlight that the article herein has failed to address the underlying issue and approach to the different views and objectives surrounding the varied economic perspectives. While Keynes remains the father of Economics we have seen economists taking certain and different positions on the management of economies i.e either monetary or structural. This has to a large extent been driven by either short or long term goals being pursued. It is the sum of these different economic approaches and objectives across the globe, in any given time periods that will create imbalance and consequently create the economic cycles that we have noticed in times past. This has further been exacerbated by uncontrolled political will that has at most defied economic fundamentals. True to the utopia thinking of Karl Marx until we all attain centralized resource allocation we will remain to live with these cycles and will only mitigate these when the worst hit us and we in turn seek to regularize them.

Thanks,

Nicholas Kabaso
Economist, Banker at Barclays Bank

]]>