Thursday, 17 May 2012

Professor of Land Economics does not understand the nature of economic rent


I've been in dialogue with a professor of land economics at Cambridge during the past week.

Once again I'm astonished but not surprised, he did not understand the nature of economic rent!

When the light turned on and he recognised how this was embarrassing, he tried to pretend he already knew. But it was too late and I could not rescue the situation.

I got a load of dodgy excuses, uncalled for attacks on previous economists who do get it, an even more embarrassing attempt to rescue credibility that relied on me being completely dumb to work and the usual coup de grace, that laws of nature like this no longer apply in the modern world.

Now he no longer replies but I have been completely graceful about the whole thing, simply asking him if he wants to do science rather than metaphysics

I'm really annoyed with myself for not spotting it early enough. Though I have friends who have worked with him for 3 years, who understand exactly what I'm saying, so I assumed he would have known. But no. So what on earth were these friends saying to him all that time exactly?

Similarly I regularly speak to economics editors, ceo's of charity, MP's, council leaders and so on. The response above is almost guaranteed every time but with non academics one takes more care to pre-empt the denial of scientific reasoning.

The problem I'm pointing at is SOoooooooo serious. Our leaders are not bad people. They just do not know that they do not know! And this is why they are so confident spending a lifetime working on and believing in the wrong idea.