Big Bankers, Mighty Tricksters
|October 17, 2012||Posted by Jeffery J. Smith under The Geonomist Blog|
Over fifteen years ago, the New Yorker did an article on an economist who crusaded against this faux prize. The author pointed out that the money for the prize comes not just from the central bank of Sweden but from several central banks of several major nations. Furthermore, Alfred Nobel also did not leave any money for mathematicians (some say because his girlfriend was having an affair with one). Rather than create a faux Nobel, mathematicians instead created their own prize, the Field Medal. The source of its prize money, I do not know, but top number-crunchers shouldn’t have any problem cracking the stock market, should they?
It’d be honorable of economists to rename that prize they get. It’d also show some enlightenment for them to quit claiming to be neutral on ethics and admit that property arrangements — fair or not — greatly shape economies. Just as it’d be scientific of them to note that your spending for things that people do produce — cars, clothes, computers — differs greatly from your spending for things that people do not produce — land, oil, airwaves. Your first sort of spending rewards effort so recipients produce more and restock their shelves, growing the economy. Your second sort of spending rewards privilege so recipients produce less, lobby more, and become parasites on the economy.
What can you do about it? Forget economics; study geonomics! And once you master the 18-year land-price cycle, you could find yourself sitting pretty.