Everyone Can Understand Economics

Understanding economics entails, fundamentally, understanding how human beings make choices. We are all human and we all make choices hence we all have the capacity to grasp fundamental economic insights. However, those insights aren’t as evident as one might surmise initially. There have been a few, very few, genius economists during the last three hundred years who’ve “discovered” and elucidated foundational concepts which may aid all of us as we work to navigate the financial and economic world around us. Those concepts will be employed consistently in this Substack.

An objective of this Substack will be to employ robust economic concepts to aid you in understanding the present economic/financial state while gaining some insight into what likely lies ahead. To that end posts will focus on a variety of areas including general concepts, financial/economic history, analysis of contemporary events and more. Posts will at times address concepts in a fashion differing fundamentally from paradigms you’ve been exposed to through the media and in classrooms. In fact at times I will shine a light on overwhelmingly popular academic fantasies which evidence why economists routinely fail to anticipate serious breaks in financial/economic trends. I believe content of the posts will evidence the reasoning, but you be the judge.

This Substack will differ from the many financial/economic Substacks in a variety of ways. The intent is to aid understanding for the lay person who’s experience and specialization lies outside the academic economics realm, banking, corporate financial management, investment management, etc. Consequently esoteric terms will either be avoided or explained. The good news is most of the esoterica is readily explained and grasped. Understandably specialized terms may be mystifying if they have never been expounded upon. To this end I encourage readers to let me know in the comments if I use a term or address a concept with which they are not familiar (earnest questions are always constructive). I’ve been employing such terms for decades hence I may simply be unaware of what is and isn’t clear to readers.

I will not pretend to know the ultimate timing and magnitude of future events since, in my decades of experience, precise timing and magnitude of financial events are only ever evidenced in hindsight. I know readers, understandably, may wish to gain insight into precise timing and there are no end of financial writers who will claim they know when particular events are going to transpire. Worth noting perhaps, if such is true those writers can make themselves fabulously wealthy in the derivatives market in short order. Readers must of course use their judgement in determining what insights are likely to be of value as they strive to make decisions for themselves and those who depend on them. We can understand fundamental economic and financial forces and anticipate consequent events, which affords opportunity to act in a timely fashion. I hope this Substack aids you in that regard.

I will never write anything with the intent of pushing a political narrative or furthering the aims of a political party. I’ve been completely independent of any political party for decades and have no interest in partisan politics. My only interest is in understanding the economic and financial world around us. That isn’t to say the political environment isn’t a factor when working to understanding economic conditions and prospects. I will of course address the political environment and foreseeable consequences, positive and negative, as appropriate. Some may read that as political bias, but they will be mistaken in that regard.

I will not recommend individual financial securities and nothing I write should be construed as investment advice. The intent is to support your understanding thereby helping you make your own decisions, or better evaluate the advice of others, on specific matters.

You may note that the graphics on this Substack are typically unrelated to the topic at hand. That is of course by design. I could include pictures of graphs zigzagging up or down, long lists of ticker symbols, financial traders with expressions of joy or shock, etc. Instead I’ll include pictures of the extraordinary world around us, often with a maritime theme. I may on occasion include a link to music calming to the soul. At this point in financial history much of what I’ll write may prove alarming, although perhaps less so if you’ve acted to protect yourself. I have no desire to cause undue stress, in fact I’d love to be able to write about nothing other than financial stability and future prosperity for all. But I’m going to address the reality of present circumstance to the best of my ability and that may be unsettling. Hopefully enduring beauty conveyed through graphics and media among my posts will help quell any consequent sense of distress.

Wishing every innocent soul peace and well-being.

(note this section is presently a work in progress)

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An economist with an advanced degree in economics from a well regarded graduate school. Now cruising under sail on an old boat, and completely free to write in forthright fashion.