Myth of Perpetual Growth

**Starbuck** · 06-12-2012, 10:11 AM

Paul Farrell has the words that I have been looking for all these years. I feel that the world's economy has peaked at about 64 trillion dollars, and will not go much further. And I used to feel differently. I used to go around saying that, "Gee whiz, millions and millions of people are not even in the economy yet." And while that is still true, I do not expect large portions of Somalia, to name one, to join in the economy and start paying utility bills and taxes.

A sample:

Worse, the public also bought into the myth. Yes, you believe everything you learned in college about economic theories, all the textbooks, everything you read in the daily press, the government reports, all those Wall Street analysts’ predictions relying on studies prepared by economists with credentials.

But everything you think you know about economics … is wrong. Dead wrong. And until economics acknowledge this, the discipline is on a self-destruct path.

Why? The science of economics is not science. Yes, it looks scientific with all the fancy math algorithms and computer models that economists use, but all that’s just window dressing to make the economist look scientific and rational.

http://www.marketwatch.com/story/myt...=home_carousel