Daily Meditation: Friday, March 1, 2019

Economics - must also be a science of making forecasts

03/01/2019

For countries that manufacture arms, nothing is obviously more profitable than exporting them. And that's how they are able to sell all kinds of increasingly deadly weapons to nations who could jeopardize the peace and security of the entire planet with their endless conflicts. Regardless of whether some people hardly know how to read or write, the most sophisticated weapons are delivered to them, and experts are sent to train them in their use. On the one hand, a lot of money is made; but on the other, such profit will prove to be very costly. So much is spent trying to put an end to conflicts that break out all over the world! We must therefore also understand economics as the science of making forecasts. For a good economist, the immediate advantages do not suffice – what will happen later? And the day people realize that they have set out on a dangerous path, it is very difficult to turn back.