Wednesday, March 25, 2020


Economists are our astrologers. Like the astrologers of old, they prognosticate with reference to undoubtedly real phenomena: exchange and markets and production for them and the motion of stars and planets for the other. Sometimes their investigations increase our knowledge. Astronomy grew because of the astrologers’ need for accurate maps of the heavens and economists occasionally teach us new things, though it seems many economic discoveries are discoveries in the same sense as were Columbus’s travels. Like the astrologers of old, they are trusted by the rulers of this world whose decisions are rarely taken without their advice and approval. Like the astrologers of old they are held to be sages with access to esoteric knowledge. Like the astrologers of old, their pronouncements have the power to radically alter our lives. More and more it seems like the astrologers of old, they have no idea what they’re talking about.

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