Sunday, November 14, 2010

Do Not Judge Too Quickly

A quick scan of any academic works does not do them justice. Three weeks ago a friend of mine told me to read a paper by Kydland and Prescott entitled “Rules rather than Discretion”, hoping that a future paper I write would be on the same lines. Scanning through the paper I concluded what nonsense and any Nobel prize they won had to be political, it has happened before, a lot of Nobel prize winners in economics have favored the movement of jobs from developed countries to less developed countries ensuring what would in the long run constituent structural unemployment or at the least real natural unemployment rates rising, they became darlings of multinational corporations, used their research to condone this sort of thing, they knew the results before they even took the study to justify their ideological posturing.

Anyhow, recently I re-read the paper rules rather than discretion's and what a revelation, it is a great paper worthy of all its accolades. You cannot just scan something and come to a conclusion, by the time I read the paper three times I will fully understand it.

When I started Tai Chi I wondered how do they do this, scanning, with further in-depth analysis I now can say I understand a lot of the how in tai chi. When i first read Chinese philosophy books, having being used to the cumbersome Western philosophy books I thought to myself what trivial, further reading shook me to the core, and understood the Taoist saying, he who says too much really does not know what they are talking about, it is not very clear to themselves, so whilst Chinese philosophers went for simplicity, western philosophers went for complexity, if you can not simplify it, do you really know what you are saying.

Take the movie silence of the lamb, the first time I saw it I thought what junk, second time it was a real thriller, that is just life, sometimes we are too quick too judge. Transformers will always be junk, some things just do not change.

TARP from the federal reserve, quickly put of as some a government program for the true masters of congress, the banks/ oil and large multinationals, but it saved the financial system, but even then TARP itself was scanned through and implemented, nobody really sat down and contemplated how to make it fair such that it is not mostly billionaires that seemingly benefit, proving that it is not about talent, anything rushed will never be as effective as something not rushed. But criticizing TARP on first day could also be considered unfair even though it itself was rushed.

One should not judge a situation or anything with a quick scan or glance, look at it properly, papers like rules versus discretion should not be judged too quickly.

Bhekuzulu khumalo

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Bhekuzulu Khumalo

I write about knowledge economics, information, liberty, and freedom