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Macroeconomics and the Entitlement State are high time to judge macroeconomics, the pseudo-economics of "aggregates" -- as a disaster. We must defy both the premises of the macroeconomists and their "policy" options. Let us know them for what they are, namely, public relations advisors for the entitlement state.
From its beginnings, which we can date from 1936, macroeconomics highlighted (on rather vaguely argued grounds) the significance of the biggest numbers in business statistics -- the so-called combined. The macroeconomists, as it were, still named themselves after these politically potent "macro" numbers and placed claim to an expertise precisely in tracking and, well, producing them.
The supposed bind of macroeconomics to reality has constantly been its "national income and product accounting" the vast numerical project that they claim "calculates" aggregate production and, still, national economic performance. But the difficulty such accounting could never overcome (and, therefore, ignored) is its inability to do anything in excess of record aggregates of spending, which could never reveal much more than a variety of unremarkable manifestations of change in money velocity and supply.
Actually, though we are conditioned to believe or else, so-called "real GDP" has never given information as to collective physical production of goods and services, for it wholly evades the vital fact that production increments persuade spending only on themselves (and on closely-correlated production) at the expense of spending on other, competing goods. This means that original production cannot be the cause of an increase in aggregate spending, as it deflects, but does not increase, spending.
Also mistaken has been the near-universal belief, taught in macroeconomics, that a rising grand spending collective implies improved national economic performance. In a large economy, such an increase is far more likely to signal that a central-bank money-pumping boom is in progress, in due course, an inescapable bust. But business activity and employment occurring from such artificial booms have little more right to be called developments in national economic performance than did pyramid-building below the pharaohs. (And there has never been an "unemployment difficulty" to be solved by a central bank, but rather a government-war-on-employers difficulty to be solved, if ever, by some future generation of politicians.)
To outsiders, macroeconomic "fiscal and monetary policies" have frequently appeared as reckless augments in government spending and money-pumping, but note down that the macroeconomists themselves have constantly seen such policies as improving the functioning of capitalism. Their view is that a free market turns into lethargic unless government enlivens spending activity from time to time. And, at least awaiting our Great Recession, statisticians only hardly ever failed to report the aggregate spending augments that the macroeconomists promised and billed as "economic growth." They maintained that this "growth" was clearly important both on its own merits and for hopeful tax receipts and facilitating the issuance of government debt that funded politically accepted programs. Since most government taxes were together as a percentage of spending and incomes, the higher the spending and returns, the better it was for government incomes. Also, the more money that was pumped into the system, the simpler it was for everyone and surely for governments, whose tax base repeatedly rose to borrow money.
Resource article: http://www.expertsmind.net/
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