You can imagine a large table in a plush government conference room surrounded by a bunch of smug economic advisors and frightened political leaders, facing the grim reality of what the nation needs to do, i.e., austerity.
Outside, thousands of people are protesting this grim reality. They never had a course in economics, because they never had a requirement to learn such things. There will always be a difference in the level of knowledge between the two groups, which is normally fine. But, when the knowledge gap becomes too great and the people are expected to suffer higher unemployment, higher inflation, reduced health care, and reduced pensions, the people will naturally take to the streets.
While this is understandable, it is not helpful. The cost of living beyond means must be paid. The only thing Karl Marx ever said that I agree with is that . . . the sins of management are visited upon the workers. Another version could be that the sins of political leaders are visited upon the people. But, how can the people recognize the sins of political leaders if there is no economic education?
Closing the knowledge gap will reduce the protests, but it is already too late in Greece. Maybe, it is not too late in the U.S.??
