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Too much information leads incompetents
astray -- It is time to rely on common sense
In this writer’s opinion, the wide variety of (mostly academic) thought and theory found in books
and on the internet has lead to a cacophony of economic theory that is causing much trouble
throughout the modern-day world and its surfeit of information.
The problem is that the theories are mostly accepted as hard truth by students because the writers
are very convincing. Those students go on to spread that "truth" through their writing, arguing and
teaching -- not realizing that all original books are theoretical and there is no way that the theories
can be checked by scientific methods.
We have wound up with somewhere between five and 20 groups of somewhat intelligent thinkers who
are each absolutely convinced -- to a religious, dogmatic certainty -- that they understand economics.
The babel of unrelenting voices is, as one might expect, causing much confusion in governments and
businesses of every nation.
We would all do much better if we (a) admit that very little is truly known about economics and (b)
we should simply take a path that simply makes common sense to those who have proven
themselves to be clear thinkers and humble achievers in other areas.
The economic experts have proven themselves to be incompetents over the last few years -- why
should we believe anything the say? Money and business are way too important to be left to the experts.
Follow Buddha who teaches, “Believe nothing, no matter where you read it, or who said it, no matter
if I have said it, unless it agrees with your own reason and your own common sense.”
This dictum above is by Buddha. When taken literally, it has been very helpful to me in my study of the
literature on our Money and Banking system.
It might even be more helpful to follow the obvious implication and corollary of that rule --- “If you come
across an idea that agrees with your own reason and your own common sense, believe it, even if the
idea comes out of thin air, or from your dreams or imagination, until it is proven wrong, in your judgment”
It is easy to get confused if you try to master the available information-- there simply are too many
conflicting economic theories and misleading analyses available in books, in the news, and on the
Internet. You must read and evaluate judiciously and reject everything that does not make sense to
you. If you do otherwise -- you will wind up hopelessly confused.
Martin R. Carbone / June 26, 2009