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home : opinion : letters May 24, 2016

1/24/2013 6:00:00 AM
Kingman Letter: Old rules no longer apply

If you want to understand the world economic outlook for 2013 you can't just talk to economists anymore. You need to talk to political scientists.

The old economic principles don't work anymore. It is believed that the world economy operates in 60-year cycles and that we are entering a new cycle. That is why the old rules no longer apply.

The old macroeconomic tool kit is not working now and we will need to create a new one, an inevitable political process. Now is a tough time to be a political scientist.

As Laurence J. Peter, author of the Peter Principle, put it, "An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today."

Gene Krivenko


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Reader Comments

Posted: Friday, January 25, 2013
Article comment by: pl .....

Do the old rules apply? One thing has changed. Used to be that the King could borrow everything he needed from the Jews to build his castles and assert his power, then expel the Jews when it came time to pay (then later, his successor - even his executioner - could re-introduce the Jews into the country in time of another national financial crunch or opportunity). We no longer have a King, but a Government which claims to represent us while allowing a non-Governmental outfit inordinately represented at its inception (and, some would argue, to this day) by a certain ethnic group which cannot be expelled by royal edict anymore. And that outfit can engage in unlimited "quantitative easing", which is progressively destroying the U.S. dollar. You can read all the dissertations you want, and subscribe to whatever economic philosophy appeals to you. Meanwhile, Ben Sholom Bernanke at the Federal Reserve is destroying every asset you possess, and playing a major role in driving up the price of nearly everything you will purchase. And there's more to say about all the new (World Order) Obama taxes, all part of the program of killing you softly (the title of one of their new films - funny thing, isn't it?). The old adage is proven correct again - bad people understand good people, but good people don't understand bad people. They're smart. You're not. Wake up.

Posted: Thursday, January 24, 2013
Article comment by: Doing Research

You're talking about a corner of economic studies called "Political Economy."

While the economists I know would argue that economics, including macro, do still apply to the world, I do highly recommend looking into Political Economy.


Berkeley's online catalogue outlines some of the details pretty well I would say:

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