As Kierkegaard elegantly pointed out, “There are two ways to be fooled: One is to believe what isn’t so; the other is to refuse to believe what is so.” The problem of being fooled “by believing what isn’t so” appears to be endemic in mainstream economic circles. Increasingly, we see the panic of central bankers and politicians in the thrall of the mistaken belief that the mere act of printing money can conjure wealth and sustainable growth into existence that this nostrum has stopped working.

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