Economic debate in Jordan, conducted mostly by
non-economists, is devoid of solid economics, as if the work of thousands of
economists over 300 years has suddenly
become irrelevant here.
اضافة اعلان
Non-economists
keep asserting that economic theory does not apply to the country, as if Jordan
had been cut-off from another planet. Such an assertion clearly comes from
ignorance and suits the pseudo-analysts of economic policy well.
Such flippant
heresies are not surprising or uncommon; they have circulated for years, and in
many other places, too.
The father of
modern economics, John Maynard Keynes, frustrated by the claims of ignoramuses
that economic theory does not work or apply, once said in the first quarter of
the 20th century: “Practical men who believe themselves to be quite exempt from
any intellectual influence, are usually the slaves of some defunct economist.”
He elucidated
further, just in case some had missed the point: “Madmen in authority, who hear
voices in the air, are distilling their frenzy from some academic scribbler of
a few years back.”
There are many
such people around who spout loudly such claims because it is easier for them
to talk than to listen, and, being lazy, find it easier to dismiss and shun
learning than absorb knowledge and adapt.
Any observer of the
current policy debate will attest that it is devoid of depth and, consequently,
merit. Individuals who do not know even the basics of supply and demand, the
simplest economic model ever and one that is viewed by economists as a point of
departure, make economic policies, and statements related to the present and
future of Jordan’s economy that to trained economists who spent years learning
at some of the best institutes in the world represent total and utter economic
heresies.
Non-economists keep asserting that economic theory does not apply to the country, as if Jordan had been cut-off from another planet. Such an assertion clearly comes from ignorance and suits the pseudo-analysts of economic policy well.
An Arabic saying
goes like this: “A fool may throw a stone down a well, but it would take a
million wise men to pull it out.” It applies in our case too: once ignorant
statements are made by the “all-knowing” mediocre pundits, it is very hard to
push back, as the errors are serious and could take a long time to counter.
Given the current
institutional set up, Jordan does not seem to be in need of trained economists
since it already has over 10 million economists, and thousands of experts who
gained their “expertise” from non-economic training.
Let us stop the
onslaught of these “practical” men who are leading the country into a dark
tunnel. The writing is on the wall and it should be heeded, with the help of
true economists, not self-professed experts.
Economic theory
and analysis does apply to Jordan and its institutions; that has to be
understood even by those who think they know better, but who, instead, should
stay humble, admit ignorance, and learn.
Yusuf Mansur is CEO of the Envision Consulting Group and
former minister of state for economic affairs.
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