Economics is a bit like studying how to put a ball in a hole using a pool table.
Then you go out into the real world and find that actually, the ball is a golf ball and you’re on a golf course, so you can’t see the hole from where you’re starting. And of course, you’ve got golf clubs, not a pool cue.
Instead of hitting the ball, you’re actually the caddy, advising someone else who’s going to hit it. If you’re lucky, you get voted to take the shot for that particular hole using money that folks have cobbled together to bet on you and your golfer.
Except that when you win a bet on a particular hole by making par, there’s a line of people behind you – all of whom contributed – but you keep insisting on giving the winnings, after deducting green fees and equipment charges, to the person at the front, and then expect them to take their share and pass the rest back to the long line of people behind them.
What do we think is going to happen?
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