The metaphor I created for experts in economics involves this:
One economist works for a company that sells red paint. He says, "If you want to improve your business, paint the walls red."
Another economist works for a company that sells blue paint. He says, "If you want to improve your business, paint the walls blue."
That much may be obvious. The difficulty arises when they cite the statistics.
The Red Paint economist says, "Our study shows that red paint motivates employees. They produce more widgets. Your productivity will go up."
The Blue Paint economist says, "Our study shows that blue paint creates a greater sense of well-being. Your employees will make fewer mistakes and the quality of your widgets will go up."
What each side does not tell you, is that with red paint, the employees work faster, make more errors, and reduce the quality of the output; and, is that with blue paint, the employees make fewer mistakes and produce higher quality widgets, but make fewer widgets and reduce the quantity of the output.
To further the explanation, as most people don't understand economics, I posted several monographs, using metaphors, to explain the concepts.
1. A Primer in Economics.
2. The Multiplier Effect.
3. Economic Stimulus
4. How to fix the economy.
5. Another monograph on the economy
The Several Monographs on Economics will help non-economist visualise what happens in the economy.
http://slimviews.blogspot.com/2011/07/understanding-economics-introduction-by.html
Regards,
Slim
PS. I am not Paul Harvey. However, I am open to becoming a commentator, columnist, or paid blogger.
If you’ve found anything I said to be helpful, please don’t hesitate to send me one of those tricked-out laptops and to tuck a few dollars into the envelope along with the thank you note.
Sincerest regards,
Slim
Copyright © 2011 Slim Fairview
