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We need a better mythology
In ancient Egypt, the mythology held that the pharaoh had favor and influence with the gods and made the rains fall, flooding the Nile and bringing a bountiful harvest.
In America, the mythology holds that a good president has the power to make unemployment fall, bringing jobs and a prosperous economy.
The challenge for a president is to hold office during a time of economic prosperity and low unemployment. The challenge for a pharaoh was to read the stars and reign during the wet years. Predicting the economic wet years hasn’t become any easier than in the time of pharaohs.
If a pharaoh failed to make the rains fall, he lost favor. If this president fails to make the jobless rates fall, he will lose the next election.
The current mythology favors the political opposition, which can always be counted on to blame the president for all economic woes.
Economists can’t read the stars and predict good or bad economic times. But they should be able to debunk the reigning mythology that blames the guy in power for economic droughts and joblessness.
We need a better mythology.
Ralph Hanson
Davis
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