Economists want name and fame and,
if possible, a Nobel Prize without solving any real-world economic problem.
Economic Theory and Economists
have failed to recognise combined impact of Investment Bankers, Financial
Institutions, Share Market, Trade Unions, and Government policies in killing
jobs and job opportunities. A singular goal to satisfy the stock market has
influenced management of companies to resort to large scale automation and
mergers and acquisitions that has reduced number of jobs despite GDP growing. This
state of affairs will only become worse over period of time.
You manage the economy for
every citizen's wellbeing and not to satisfy the stock market. A flourishing
stock market is no indicator of a robust economy where people in general are not doing good. The industries in the world needs to strike a balance between
technology/manpower to ensure demand for the product and services. A factory
with near 100% automation, in the absence of employees will not need, bread,
butter, tea, clothing, or cars. Blind automation will kill the economy but
economists will escape without seeing reality.
Investment banking and
financial speculation has to be segregated from the real economy with no
recourse to Government rescue or tax payer’s money. This has to be ensured for
the global economy to revive.
