Deputies in Orange County, Fla., are trying to track down a one-legged man who evaded authorities on foot.
In the preface of The General Theory, Keynes explained that, ‘it is my fellow economists, not the general public, whom I must convince [of this theory and the application of this theory to practice].’ He optimistically then justifies this approach by observing that he must attempt ‘to bring to an issue the deep divergences of opinion between fellow economists which have for the time being almost destroyed the practical influence of economic theory, and will, until they are resolved, continue to do so.’
In the long-run I have no doubt the opinions of experts will converge towards the true economic theory. However, in the mean-time Keynes did set himself a difficult task. Naturally, deep divergences of opinion between professional economists still exist, and the practical influence of economic theory remains muted.
The thought behind this blog is to explore the opposite path, (with similarly misguided optimism) to see if the influence of economic theory may be enhanced by addressing the general public. The logic of this approach is somewhat old fashioned. Economics at one time was referred to as the study of the political economy. In part this referred to the inescapable feature of the economy that it is comprised of everyone, not just the experts. In that respect the economy belongs to all of us. Citizen, inescapably part of the body politic. It is ours to make it what we will, and what we do is, the economy.
Picasso’s 11 lithograph reduction of a bull that ended with the absolute essence of the bull captured in as concise an image as possible is the inspiration we set out to imitate. While we aim to strip away as many details as possible and rely as little as possible on professional jargon and obscure terms of art, we will endeavor to leave the barest of frameworks that captures the essence of the economy with accuracy and leaves the reader with a bull and not merely some bullshit.
This is not an anonymous effort so much as it is an irrelevant one. The purpose isn’t to assert authority through expertise. Rather the aim is to provide an aid readers to illuminate the readers own ideas through a glimpse of the collective wisdom and insight that now hundreds of years of devotion by hundreds of fine minds have already produced in the understanding of the economy. The ideas stand on their own and will add value not on their own virtue. It is the readers own ideas that are important.
Edits will be made, I am sure Picasso had an eraser, I am quite sure that I do.