What a better world we would have, if all politicians were subject to a minimum 70% mark on an economics exam ‘before” they could run for office. Item number one, completely read Sylvia Nasar’s book titled “Grand Pursuit.”
Therein, are many critical jewels of wisdom and economic genius, focused on the more critical success of economic intelligence vs. territory, population, natural resources and technical leadership.
Economics, according to Marshall and Keynes, used as an engine of analysis, has done more to transform the world, than the steam engine; even if less permanent than mathematical truths.
While inflation can uplift short term output, long erm gains generate long term productivity, driving up wages and living standards. A stable currency, education and a safety net will generate innovation.
Mad men like Hitler, Stalin and Mao tried to suppress economic truths. They, and many others failed every time, mostly because they supressed entrepreneurship. All left leaning fanatics could be jerked back to reality if they too absorbed the wisdom of economic intelligence.
The exam could be made up by a group of 5 economists with PHD.s and answers could be regularly changed to prevent answer plagiarism.
I propose that those earning their right of passage would have to be re-tested every five years and would also sign an oath never to contravene the basics of economics without tendering their resignation. An exam failure would bar an applicant from participating in elections to govern at the federal and provincial level for 4 years, after which they could write the exam again.
The exam, with excerpts from Joseph Alois Schumpeter’s “Theory of Economic Development” would include topics like less territorial ambition, strong property rights, favourable business climates and stable prices. Also free trade, moderate taxes and consistent regulations would be included.
Imagine the antidotal benefit of governments actually working for the people. And without endless debt, patronage, waste, broken promises and outright lies.
Our next election(s) should include a referendum on whether to institute the exam. If only 30% of voters can elect a majority government, than 51% should be able to force all politicians to abide by the exam and oath rules!
If such an imposition was now in place, we would not be suffering from the multitude of contemptible drivel from the complacent Liberal, dotty, dorks, derelict to the hilt, that have left us languishing at every turn. Time they governed for us instead of just for themselves and their close friends!