Scrap NOBEL PRIZE In Economics

I want readers of this blog to know that world economic crisis will not be resolved by listening to economists. All economists suggestions (tried, tested, and  failed umpteeen times) kills the very economy it intends to revive.

The global economy will be revived only with ideas that are outside the theory of economics.Period.

I have written to the Nobel Committee to scrap Nobel Prize in Economics. The letter is reproduced below:

Dear Sirs,

It is indeed perplexing that despite awarding Nobel Prize in Economics every year based on different topics the world is unable to revive its economy since the internet bubble. It means nothing in economic theory works in practice or reality. Economists ignore the combined effects of printing paper currency, artificial fixing of interest rates, trade unions, minimum wages act, taxes, stock market pressure, role of investment bankers, shirking of responsibilities by banks to manage assets by securitization, unprecedented speculation in currency and commodities many times the size of real economy etc.

The prescriptions of economists kill the very economy they want to revive. No economists are prescribing taming the reckless finance industry that includes banks for the global economy to revive. As long as the derivatives, speculation on currency and commodities etc. continues unabated aided by very low interest rates Global economic mess will persist.

I am not an economist. But, am capable of thinking in ways that can help revive global economy. For example:

1.The jargons of economists like full employment, frictional unemployment, structural unemployment is useless in reality. See the absurdity of economic concept of full employment at 4% or 6% unemployment which in reality means lakhs of people are still to find jobs. Why are economists advocating such an absurd policy as Full Employment? Focusing on jobs is wrong and am willing to debate with any economist.

2.Global trade will be performed by paying in local currency. US exporters to India will get paid in Rupee. Indian exporters to US will get paid in dollars. Trade will balance. This act will get rid of foreign currency speculation.

3. Focus of economists on consumption is wrong. This can also be proved.

Economics is anything but science. The Nobel committee should consider stop awarding Nobel Prize in Economics to save the world.

Thanking you

 

R Narayanaswamy