One oddity with respect to the fantasy free school of economics is that it is too easy. It is so easy, hardly a soul expects it to work. The findings are never close to what is being said in mainstream economics. It takes many hours of study to grasp the popular theories in mainstream economics. Anyone with third grade education can use the fantasy free approach and really arrive at more accurate conclusions than a room full of PHDs.
With the fantasy free approach, at first glance it appears that there are no facts on the table. Truth is that we have the only reliable facts in an argument. For one, we know what incentive each actor has. It is self interest. Now, how complicated is that? It is so simple that it gets dismissed. Like others, we can easily see that power corrupts. On an almost universal basis, others live their lives as if the opposite is true. We recognize what is self – evident. Usually, that is completely apparent. Finally, we don’t doubt what we see.
Simple solutions get no respect. There is a reason for this. We live in a world of experts, many of whom are legitimate. So, why do smart people never offer simple solutions? Very simply, simplicity doesn’t pay. Who would pay an economist to say, the best thing government can do right now is absolutely nothing? A certain degree of complexity is needed to add value to the business of problem solving.
A good question is, who can afford experts? In many cases, hardly anyone can. In many cases, the government pays experts enormous prices and then offers their services to the public at a bargain basement price. This is the standard in healthcare. In these cases, it is political power and not price that determines an expert’s pay.
Fantasy free economic is so simple, the technique doesn’t command a price at all.