When I was a chemistry major 60 years ago, I wanted to take the introductory economics course for economics majors, but I feared the competition would be too strong. The professor assured me that physical science majors often got As in his course -- it was the economics majors who often got Cs. Apparently, many economics majors come from the bottom half of their college classes.
Many of these economists are enamored with Keynesian theory. John Maynard Keynes taught that by spending more than they took in as revenue, governments could stimulate their economies to develop faster. This is true in the short-term. But as time passes, it requires more and more deficit-based stimulus to keep the economy purring along.
Moreover, consumers must be encouraged to overspend rather than save. Economic collapse occurs when the interest on the public and private debts consumes much of the new wealth being produced. Today, Western democracies that bought into Keynesianism are desperately in debt and face political upheaval.
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Sound economics are based on people and governments living below their means. By emphasizing hard work, saving and acquiring only good debt backed by tangible assets, people and nations can build their wealth slowly but steadily. The love of money and the things it can buy are indeed the root of all evil.
Arthur Eggert, Sun Prairie