October 17, 2010
Is Economics Really the Dismal Science After All?
Reportedly, Japan's economy has lost heart. Years of monetary contraction have left people fearing to risk, borrow, invest or build much of anything.
However, the reporter may have overlooked new green sprouts growing out of the decay of winter, which reliably yields to the fertility of spring.
But what's the real problem? There's no good mechanism in place for the monetary system to re-adjust to fit the economy again.
It's time to revive an ancient custom, developed by people who are widely reputed to understand financial affairs exceedingly well, probably because their acquaintance with money's behavior is so ancient. Another ethnic group whose economic aptitude is the equal of any lacks, unfortunately, the corrective religious custom that the Japanese - and any city, state or country that is in the same pickle - could profit from just now.