Armstrong Economics Blog/Economics
Re-Posted Jul 3, 2020 by Martin Armstrong
QUESTION: I noticed that all the economists who are not academics are the people who actually discovered something. The academics always advocate for manipulating society like Keynes and Marx. Why is that?
ANSWER: If you look at the first analyst to establish supply and demand, it was John Law. Even Adam Smith used his examples in “Wealth of Nations.” Adam Smith actually investigated his work to come up with his invisible hand. There was David Ricardo, who also made a fortune as a trader. Those are the three greats and NONE of them has a formal economics degree, which was first taught as a separate course in 1902 at Cambridge.
Those of us who come from the real world of trading, do not have the luxury to come up with Utopian theories that sound nice. Unless you have traded, you will never understand that the market is always right. If you do not listen to the market, you will lose everything.