ALCHEMY AND RELIGION: New Hurdles Loom in Euro Crisis - WSJ.com

New Hurdles Loom in Euro Crisis - WSJ.com

Someone wrote, "Economists? They have several "schools of thought", such as the "Austrian", the "freshwater" and the "saltwater". Each school of thought completely rejects the other. Economics is still in the stage of alchemy."

In response:

Perhaps your alchemists analogy is more on point than you realize.

Once chemistry (and an actual understanding of molecular structure, molecular interactions, etc.) came into being, alchemists were shown to be the charlatans they actually were.

Today, the liberal socialists and unions believe there is a free lunch in taking from those who produce to equalize outcomes. These are like religious beliefs. You either have them and have succumbed to them or you don't. Some are religious agnostics and don't make a decision either way.

As with chemistry, each of us knows that deep down in side, when we do a job we expect to be fairly compensated. When we go to the grocery store, we make our buying decisions based on the relative prices of the different items for sale.

Economic alchemists believe society at large can function when you get to keep only part of what you earn and that society can arbitrarily raise the pay of some and decrease the pay of others without distorting incentives to work and not-work.

These economic alchemists dismiss any contrary evidence as 'false beliefs' or some type of 'voodoo science'.

To those who don't stop and think logically, all these economic policies may seem like alchemy.

However, there is an underlying science. The difference is whether one wants to ignore, dismiss or relegate lower the fact that all outcomes will be unequal in a society where opportunity is paramount (but outcomes aren't); or, whether one wants to believe equality of outcomes are paramount and one is willing to make the leap-of-faith that collectively society operates in a fashion antipodal to the way each member (including the respective thinker and voter) operates in their own life.

Thus, one might say it again is like religion. There are those who would dictate to others how others should live their lives (think of the American religious right) based on other people's beliefs. Lives to be lived on the basis of other's beliefs and not those of the individual (think abortion rights, gay rights, marriage rights, etc.).