Pareto Silence: A new metric for economic commentary

There’s a debate going on at the moment.

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The debate is between those who think China’s economy has grown at about 10% in recent years and some new ‘analysis’ which suggests it should be about 7%.

I say the debate is all a load of BS and here’s why.

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The ‘debate’ fits firmly within an economic model that almost totally ignores some important externalities: pollution, sustainability, welfare/well being (in the sense that Sam Harris uses the phrase).

As an economist, I humbly suggest that the mainstream economics profession is measuring the wrong things and has no clothes on. Think pin dancing and the Glass Bead Game.

And I dare to suggest a new metric for economic commentary. Pareto silence: 80% of the silence comes from 20% of economists who don’t support the dominant economic model.

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