A government out of touch.(editorial): An article from: Australian Nursing Journal
I am starting to feel like the government has finally become so detached from he people that it is operating in a different plane. The officials and their shills they call economists hang their hat on theoretical models that have nothing to do with the real world. Much like the Wall Street crowd that created the housing meltdown, the government see things in numbers and models. The theory looks terrific on paper but when it is applied in the real world in usually is wrong. There is no way to generate data that is free from the different behaviors people have for the same situation. One over reaction is usually coupled with someone else's under reaction. The thought that rational behavior will be present at all times is a major flaw in economic theory. There is not even a way to define what is rational to one party or irrational to another. What should be done for the good of the country? A few new theories that taken into account imperfect information and irrational behavior. The models that would work best for the good of the country would be drastically different from most popular of the current day.
It is as if the government has just been turned into a spin control machine. The numbers on unemployment have been cooked to look much better than they really are and the rate of inflation is calculated at times not including food and energy.
More on government Spin here
What is the point of knowing if everything else is inflating or deflating if there is no accounting for what we spend on food and energy? Would the number be to much for the American people to swallow? Or is it for the Good of the Country?
I think we have confused what is good for Washington and Wall Street is at the same time for the good of the country.
Out of Touch: The Presidency and Public Opinion.(Book Review): An article from: Presidential Studies Quarterly
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