Hearsay all the Way Down
I’ve gradually come to the realization that most of the commentariat doesn’t do what, say Martin Wolf or I do — grub around in published data, read reports, and all that. Instead, they rely on what they heard somebody say the facts are; hearsay economics.
Indeed, this clearly goes beyond economics to things like history and politics in general.
Granted, we are all guilty of this to one degree or another, but the real question becomes: what percentage of what one thinks to be true is based on actual knowledge, and how much on hearsay?
Of course, the truly problematic part is that often the hearsay is based on hearsay:
And where do the reputable people get their information? Why, it’s what they heard somebody in their circle say. It’s hearsay economics all the way down.