Monday 20 November 2017

Stephen Kinsella: Our so-called economic truths are often based on faith, not evidence

We all carry unexamined truths around with us; they are the sometimes subtle assumptions held as self-evident, to the extent we defend without necessarily asking why we believe them in the first place. At the national level, some policies are sustained almost entirely by faith, rather than evidence, because of these truths.

I think it's worth assessing two of them today, namely our commitment to export-led growth at all costs, and the exit of the EU/IMF bailout. Let's look at what our leaders claim as significant, and we can get a sense that, no matter what, some truths are self-evident.

Ireland, like all countries, has a set of policy truths it must hold to, no matter who is in power. The United States, for example, must be militarily supreme – no matter who is in office – and the United Kingdom must hold its financial sector above all other policy concerns.

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