The past is not a good guide to the future

The past is in no way “a very good guide to the future” (to quote another economist-blogger today).  We have just been  through a period of 200 years of man’s history which was unique in 8,000 years of civilisation. In this period, ordinary people in a dozen countries — unfortunately no more than that — by being able to buy status goods, have regained a comparable way of life with individuals in governments.

We have nothing to learn from before 1780 and precious little to learn from 1980.  We are now into a new meta-educational era and a total fog as to how to comport ourselves economically from now onwards.

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