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The Citizen, 1986-12-10, Page 16PAGE 16. THE CITIZEN, WEDNESDAY, DECEMBER 10, 1986. Brussels Lions Club won the prize for the best antique vehicle in the Santa Claus Parade in Brussels Saturday morning. Some of the creatures in the vehicle looked a little antique too. The International Scene Economics - not your ordinary science BY RAYMOND CANON It is a safe bet to say that you do not live beside an economist - there are not too many of us around by thewayandwearenotknown as the most exciting of people, either as neighbours or as anything else perhaps. We deal in a study that few people claim to understand for few people have ever got around to taking even one course in it. We are, in addition, the bur of a numberofjokes. Oneofthebest known concerns the American president who said that the next economist whom he hadcome to the White House was going to have only one arm. When asked why he would say such a thing, he exclaimed that he was tired of economists coming to him and saying, ‘ ‘on the one hand this ... on the other hand that ...” Then there is the report.thatto^prices if we ignore it. Prof. Trivial Pursuit has come up with a Friedmandid notdothis single­ version for economists. There are 30 questions, so the story goes, with 300 answers and the answers change every month. As for myself, 1 like the story of the college graduate who returned after 25 years to attend a reunion party. The firs * person whom he met was his old economics profes­ sor. After a short conversation, the former student asked if he could seen an economics exam of that year. The professor took him to his office, showed him his latest exam. The student exclaimed. “This is the same exam that I tried 25 years ago.” “Yes, 1 know,' replied the professor. ‘‘Butall the answers have changed.” Jokes aside, ours is a world-wide profession. There are economists everywhere, even in the Soviet Union and China and whether the Kremlin listens any more to its economists that our government doestooursisamootpoint. One thing that you have to keep in mind is that ours is very much an inexact science and if we have not yet got around to curing such things as inflation, neither has medical science found a cure for the common cold, although much more money has been spent on the latter than the former. One things is certain. Econo­ mists, both past and present, have had a great deal of influence on how our society operates, not to mention our governments. The very fact that we have not had a serious depression since the 1930’s goes back, Ibelievc, tothe theories orperhapsthemost prestigious economist of the entire century, John Maynard Keynes of Great Britain, who urged governments to large-scale deficit financing as a means of stimulating the economy into recovery. It worked remark­ ably well and forms the corner­ stone of many countries’ economy. We have, perhaps, even gone a bit overboard in this matter as we have only to witness the 30-plus billion a year budgetary deficit that Canada is saddled with. However, we are not alone in that regard. I often get the impression that many people still feel that money grows on trees; there is an infinite quantity of it. That has got us into no end of trouble and it took another famous economist, the American Milton Friedman, to remind the world of the quantity theory of money and what happens 1986 GMC Half-ton V-8, Auto­ matic, power steering, power brakes. Heavy Duty. 1985 Pontiac Parisienne, 4 dr., air conditioning 1984 Buick Park Avenue, 4 dr., loaded 1983 Ford Crown Victoria, 4 dr. 1982 Cutlass Supreme Brougham, 4 dr., air 1982 Ford F150 Super Cab 1982 Chev. 1/2 ton pickup 1981 Datsun 510 Stationwagon 1979 Cutlass Station Wagon 1979 Ford LTD II, 4 dr. 1979 Olds Regency 98, 4 dr., loaded Hamm’s Car Sales Blyth 523-4342 CHRISTMAS DEADLINE Because of the Christmas holidays The Citizen will be appearing one day earlier than usual on December 23andDecember30.lnordertogetthese issues out on time special deadlines will be in effect. DECEMBER 23 ISSUE News and advertising deadline 2 p.m., Friday, December 19 [both Blyth and Brussels offices]. DECEMBER 30 ISSUE News and advertising deadline 12 noon, Saturday, December 27 at both Blyth and Brussels offices. The Citizen’s offices will be closed Dec. 25,26 and Jan. 1 but will maintain regular hours on the other days ! for the convenience of those renewing subscriptions and placing advertising. handedly but he is considered to be the head of the monetary school which concerns itself with such things, primarily I might add, as the amou nt of money in circulation. We have even been influenced by a Russian economist, Kondra- tieff who earlier this century gave considerable credence to a 50-year business cycle. Every once in a while I find his name being dragged out to prove or disprove some specific theory but it all goes to show justhow wide-spread is the influence of economists every­ where. Incidentally I have no idea Continued on page 17 The Citizen A Christmas Gift that’s remembered all year long Write a personal message on the Christmas card we supply For friends, relatives, neighbours, A Great Way to say “Thank You”