“ The process by which banks create money is so simple that the mind is repelled. ”
Wisdom, itself, is often an abstraction associated not with fact or reality but with the man who asserts it and the manner of its assertion.
~ John Kenneth Galbraith
Good writing, and this is especially important in a subject such as economics, must also involve the reader in the matter at hand. It is not enough to explain. The images that are in the mind of the writer must be made to reappear in the mind of the reader, and it is the absence of this ability that causes much economic writing to be condemned, quite properly, as abstract.
None of this excuses anyone from mastering the basic ideas and terminology of economics. The intelligent layman must expect also to encounter good economists who are difficult writers even though some of the best have been very good writers. He should know, moreover, that at least for a few great men ambiguity of expression has been a positive asset. But with these exceptions he may safely conclude that what is wholly mysterious in economics is not likely to be important.
One of the greatest pieces of economic wisdom is to know what you do not know.
