The importance of Reading and Economics

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I bought two economics books a few days ago. The book was written by Dwight H.Perkins and two people under the title of [ Economics of Development ]. The cover of the book was written “NOT FOR SALE IN THE UNITED STATES OR CANADA”. Interest in mainstream economics is the economy of mainstream. Therefore, there are not many books that can be studied for the economy of underdeveloped countries such as North Korea. These books are necessary but they are rare.

I was reading Professor Paul Krugman’s book [The return of depression economics]. The book briefly stated that the reason for the long-term recession in the Japanese economy is because of the aging population. That’s true. Conservative religious and elders are largely responsible for the Corona crisis and economic downturn in Korea these days. For this reason, it can be predicted that Korea will go the same way as Japan.

While buying the book, I thought about why North Korean leader Kim Jong Un delegated working-level power to Vice Minister Kim Yo-jung. Perhaps Chairman Kim Jong-un is trying to make an academic judgment on national policy behind the scenes. The conclusion is based on my habit and perspective of reading continuously even if I have five minutes, althought I don’t Know the situation of the North Korean government.

Young people are busy and open-minded because they put a perspective on the future. However, when aging begins, the mind closes first to intellectual exploration. Despite the fact that it is not true, older people are under the illusion that their intellectual inquiry skills are significantly decreasing.

As I will mention later, the hypothesis that old people’s intelligence gets worse is delusional. The fact is that habits get worse. One of the bad habits is that Korean society doesn’t value multidisciplinary reading. In my experience, I think that the higher the educational background, the more stubborn and prejudiced it can be caused by entrance exam-orient education or textbook—oriented reading.

In fact, the recession started here.

North Korea’s elite received only ideological and military education, while those in Japan and South Korea received only test-oriented education. As soon as such education became obsolete, it became an investment of no value, and in the long run it regressed national development.

Veblen aldo attacks the marginalists for the assuming a smooth, gradual path to a point of equilibrium. Equilibria do not exist, the economy always changes, the old institutionalists change. Equilibrium is a daydream of economists who do not live in the real world.

Veblen was probably a better critic than a constructive theorist. He was not sure how to reconstruct economics, but he was sure that Marshall and his followers made a mess. Veblen thought that economists should be less turf conscious and more willing to meet with sociologists, anthropologists if they wanted to develop better theories.

- [NEW IDEAS FROM DEAD ECONOMISTS] by Todd G. Buchholz -