| | | | | The One Lesson Economics Has to TeachImagine, for a minute, sitting in a classroom.
Not just any classroom. But a cavernous auditorium style room. The type that college freshmen at a big state school pack into for entry level classes.
You know, classes like Chem 101, Econ 101, Calculus — big ones like that.
You’re here to watch an engineer give a lesson on how to disarm a nuclear bomb. Now, I have no idea why you decided to show up but here you are sitting in the auditorium watching some old guy at the top of his field tinker with the guts of a thermonuclear warhead.
The room is packed and dead quiet, aside from the sound of pneumatic wrenches and drills as Mr. Engineer presses on.
Every now and then he pops his head up to offer comments on his progress. But, just now, you hear him mutter a curse to himself while a little smoke rises from his position behind the bomb.
A quiet, steady beep can now be heard and the audience gasps.
Hearing your collective concern, he pops his head up one last time. And with a flat expression on his face says calmly, “I think I now understand how little I know about what makes this thing explode.”
As it turns out, Mr. Engineer wasn’t the teacher. He was the student. It was the bomb that was the teacher.
You are just here to watch.
And based on something Jerome Powell just said, it would seem he just realized he’s been the student all along…
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