The Asset Magazine

Unconvinced by dismal science

The Asset April 2009 by Hugh Young

Recently I was passed an article written in 1991 by the late Isaac Asimov about economics. Asimov, a polymath best known for his science fiction writing, simply could not understand “the dismal science” and I must admit neither can I. “People may say they understand it and economists even win Nobel Prizes, but I think it’s all fake”, he wrote. Indeed people do more than just say they understand it; they base important investment decisions on it. If Asimov was right, much of my cherished industry is just one big con, but thanks to Mr Madoff et al this would not come as a huge surprise to many right now. ...

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