Sequel to the essence of Economics: Myth and Uncertainty

Greetings. In my previous blogs,I cited the thoughts of Prof.Thurow and Prof.Galbraith decades ago but their reasong is still relevant to the happenings nowadays re globalization as the nature of economics in the macro,macro views. Read below,please:

Washington Post,Oct.16, 2008 on page A8:

Joseph Stiglitz, a Nobel Prize-winning economics professor at Columbia University, said it was a mystery why London interbank offered rate(Libor) didn't drop after the government guaranteed lending between banks. My comment: Human behavior is inexact and economics is about human activities at best or at worst as the case maybe.

"Clearly, there still is some uncertainty...about the terms of the guarantee," said Stiglitz. "There could be uncertainty about the speed of collection. For someone in the market, that could be very worrying. We don't know how much of an injection is really required. There are a lot of unanswered questions." "Time will tell as I sent my prior blog. It could take months,years...to witness empirical evidence.

My comment: Economics is an inexact science as I contributed such in the textbooks by Richard T. Gill of Harvard.

"Almost Everyone's Guide to Economics" by John K. Galbraith of Harvard. My book review can be found in the Atlantic Economic Review,September 1979.

Prof. Galbraith stated the following about forecasters with great humor:

"There are those who don't know and those who don't know they don't know"

Such amusing judgment has been sent from my blogs in the past but it is timely to repeat again re the thinking of Joseph Stiglitz.

Francis Shieh a.k.a. Xie Shihao, a lifelong student desiring to compare notes with other economists for learning the exciting fields of political economy including Sino-American Economics. Oct. 16,2008 at 12.26 p.m.