September, 2015

28 Sep

Disentangling Economics from Finance

By Walter | 2 comments

2

The economic system, that is, the actual production and distribution of goods and services, is one thing; the financial system that controls it is quite another.

Unfortunately, the two concepts have become conflated under the single rubric of “economics.”
Contributing to the conflation is the practice of economists to pontificate about finance rather than economics.

They don’t talk much about agricultural challenges or construction methods or manufacturing practices or distribution networks beyond their possible impact on the financial system.

It would be better if they called themselves financialists.

An unfortunate consequence of this conflation is its contribution to the widespread belief that the two are so intertwined that we can’t have one without the other.

However,

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