I am doing this post because my last post is exactly a month ago and since today is the anniversary of that solitary post for the month, I thought I had better do something about my lack of effort.
I had been busy (indeed) and away (true). But the real reason is that I had nothing to say.
After my last post, I have been quite ashamed of myself for having make capital out of some poor soul who is trying to earn a living and here I was in the safety and comfort of where I am to make snide remarks. My alarm is that many people agreed and I find myself feeling that I have committed an injustice to whoever that guy is who is trying to earn a living, even if I disagree with the way the whole thing is being set up.
The other distressing thing for me is to have found out that some good soul has pasted my post in his blog thinking that it was a brilliant piece and there I found some commentator who said what crap it was just because I had just one miserable typo. That puts me off writing.
My problem is that I am quite a lazy writer. I never check what I have written. I start with the first word that comes to my head and goes right down to the last word and then press "send." I cannot bear to read what I have written. I just wanted to say something and I say it. Does one go over the words one has just spoken?
Words that sound the same get mixed up. Am I dyslexic?
I like hishamh's recent philosophical posts - which inspire this one. Mind you, I quite like the four blogs that I follow because they are clear. hishamh is a data guy who, as we now know from recent posts, is trying to avoid mixing business with pleasure. His recently declared self-inflicted code of conduct is very long and I that is why I summarised it for him by saying that he is a data guy.
de minimis has a style of writing which is intriguing as it tries to draw you into a point of view which is particularly unequivocal. And he has a far wider range of things to say than economists like us who are stuck in their own little economic boxes. I like him because his heart is in the right place.
sakmongkol AK47 takes a militaristic approach to blogging. I like him because he has important things to say to his people.
The fourth blog is not mankiw who I follow to see what is in the mind of the America academic but walla. Walla is a parasitic blogger. He does not have his own blog but he is in everybody's blog (blogs that I know of, that is). He has a view that no one blog is adequate to contain. I like him because he takes us all to a different plane.
I mention hishamh because his recent postings get me into this long and winding post about why I blog on economic policy but think like a theorist (or so I imagine).
I think economic policy has gone down the tube around the world, because economic theory has been stuck in the past and has not managed to get out of its old mouldy cupboard into the new world.
We have to begin to think away from the old structure of thought especially in economics. I spent the last thirty years working in the real world to get away from old theory. The sad thing is that many people do not know what they are doing especially in economics because they have not understood their economic theory well when they were in university.
They have the most basic elementary view of economics. The most misunderstood is the Keynesian multiplier, which seems to be the cornerstone of every wrongly formulated policy. With the multiplier, all wastingful spending the government appears to be justifiable. You do not need to go to unversity for that kind of thinking.
I blog because I want to fight the wrongful use of the Keynesian multiplier.
I do not like to quote data because I have spent too much of my life looking at data. I want to move away from the tyranny of statistics and learn to think logically with eyes fixed on the phenonomon of the real world.
How can you describe the real world without statistics? Do statistics describe the real world?
I work with models, more theoretical than econometric, because the econometric model is rigid in structure. With theory, I can begin to think - admittedly around some "stylised facts" as economists or development economists like to say.
I find economics fascinating as subject of study because it is a study of human behaviour as we go about the daily business of living and earning a living. I think this is straight out of Alfred Marshall's Principles of Economics. I think it is still the best reason for thinking as an economist.
Human beings live in fear of the unknown and the uncertain future. We create certainty through trust that is developed out of long practices and understanding as to how things are supposed to be. With trust, many things can be built because it is economically efficient without having to go back to the fundamental test all the time. Accreditation. We used to trust nature (God), machines, money and ourselves. There are many things we are calling into question as we go creative. In econometric modelling, this is called a structural shift where data (necessarily of the past) do not contain sufficient information of the future.
I blog to explore new thoughts and new ways of thinking about the world we live in. When we are deep into things, we lose sight of the perspective. That's why I take the side view.