And, that has made all the difference...
The Romney camp denies and distorts the evidence about how we recover from a severe financial crisis.
View or comment on Terrance A McNeil's post » (Link) What is clear from Krugman's comments is that he continues to believe that the machinations of old-school economics applys to the current realities. Until Paul accepts the idea that economics must be integrated with the laws of physics and mathematics, his thinking will be forever grounded in a surreal world where forms of magic are the governing devices applied to practical predicaments. ( Namely, -overpopulation, resource exhaustion, and biosphere devastation -
To be short, the overriding physical reality is that we are simple running out of the physical inputs...
Further Comments Re: Paul Krugman's NY Times Blog
The point being reiterated here was set out in our Blog some months back; "The Wealth of Planets*" insofar as it sets out how neo-classical economics supports and encourages an exponential growth paradigm (rapid use) that leads to overpopulation, resource depletion and devastation of the biosphere's conditions, that have ironically, permitted the pursuit of this nonsensical path - so far.
The experiment in the Blog compares the economic fortunes of two imaginary nations: "Slowusers" and Rapidusers - wherein, the fate of the latter is economic collapse; even though for many years, the superficial metrics of GDP, currency value and so forth, lead its leaders and population into believing in a false sense of comparative prosperity and wealth, over their more practical and frugal neighbours. That is, until the well(s) run dry.
The lesson is clear. Our decision is clear too. Whether we should continue to follow the path of Harry Potter Economics ... "Rapidusers" - or, to to follow another path; that is less chosen, but braves the sensible journey traveled by the insightful and more sustainable road of the"Slowusers"nation.
It is amazing how great words stand the test of time and circumstance; with the fashion of so much wisdom. As if they were specifically intended... for these times!
"Two roads diverged in a wood and I -
I took the one less traveled by,
And, that has made all the difference "
The Road Not Taken - Robert Frost
* First Financial Insights Inc. Blog Titled " The Most Important Economic Blog Ever",
First Financial Insights Inc.
Toronto, ON
October 24,2012
