Learning Economics: Finding "True North"
Before you understand how things can go wrong, you first must understand how they can go right.
By J.W. Rich.
In any kind of navigation, one must always first have a reference point. In order to know where you are, you must know your position relative to at least one constant. Without this, you can’t know what direction to travel to reach your destination. If you don’t know which way is north, south, east, or west, then you cannot know the path forward. However, if you can rely on a constant, then you can orient yourself according to your destination. For navigators in ages past, the famous North Star was their time-tested constant of finding north, and thus, finding out where they need to sail, walk, or ride. Once they knew which way was north, they knew which way was south, east, and west.
In searching for truth, we all find ourselves in a similar situation to the wayward traveler. In order for us to know which direction to go, we need some constant to orient ourselves around – a point of reference to ensure that we are still on the right course. Otherwise, we would be left adrift without any measure of progress, lost in a sea of uncertainty. In other words, for us to know what is not, we must know what is.
This applies most clearly in pursuits of learning. The proper way to become immersed in any field or discipline is to start with correct orientation. One must first find “true north” before setting course. A journey cannot begin without first knowing where you are going. While this might sound obvious, it is an all-too common mistake. Instead of trying to learn – to set out on expedition, as it were – through engaging with well-written books, articles, and lectures, some prospective students instead try to just focus on “debunking” other ideas or theories.
In economics circles, this phenomenon isn’t difficult to spot. Rather than focusing on understanding the works of Mises and Hayek, prospective students instead only ask for articles and short videos that expose the flaws of Marxist, Keynesian, and Neoclassical schools of thought. They might read a book or two here and there, but what they really want is just ammunition for debating with others.
This mindset is completely misguided, and can be greatly detrimental in the long-run. By only focusing on dismantling wrong ideas, you are setting out on an expedition – one of trying to disprove other ideas – without first orienting yourself on the truth. This is tantamount to sailing off from harbor with no maps and no idea of where you are going, hoping that with the help of others you will reach your destination. Even if by some miracle to do reach your journey’s end, you won’t know or appreciate how you got there or the correct path to take. Even if you can “debunk” every line of Marx’s “Capital” with links and sources, you didn’t really learn anything at all.
If you instead orient yourself on what is true, then you will be able to expose what is false with that knowledge alone. If you know what is, then you will already know what is not. The course of your journey is given because you already have your sense of direction. You need not pray and hope that you arrive at your goal; the course of your travels will be determined by what you already know.
How is it that you can find “true north”? How can you make sure to oriented yourself correctly to find the truth? To do so, you must put aside any desires to “refute” or “debunk” other ideas and focus solely on your constants – on what you know to be true. As another writer has put it, you must “marinate in the sauce”, so to speak. Once you know the truth and you have your bearings, it is only then that you are equipped to sally out to new ground and unfamiliar waters. In economics terms, you must read Mises before you can read Marx.
Staying on “true north” isn’t isolated only to novices either. There is an unfortunately common sentiment that those that have heard something repeatedly don’t need to hear it again. Doing so is only “preaching to the choir”. Contrary to popular belief and common-repeated idioms, that just isn’t true. Everyone needs to hear the truth, even those that have heard it a thousand times over. Without regularly checking your bearings, it can be easy to lose your way. Just as going too long without checking your compass can lead you far off of your intended course, going too long without re-orienting yourself mentally can slowly lead you astray.
To be clear, keeping yourself oriented isn’t a fix-all for any problems you might encounter. You might feel like you are plateauing in your learning, or that you just can’t seem to understand more advanced ideas. Learning any disciple isn’t easy, and economics especially so. Problems such as these and others will doubtless arrive sooner or later. Nevertheless, as long as you keep your intellectual bearings about you and stay on course, you will overcome any problems in due time. Even the longest and most grueling of journeys will eventually lead you to your destination.
The greatest expeditions for any explorer are those where he discovers new lands, defeat old enemies, and turn every map obsolete. Intellectual expeditions are no different. The most monumental works in any field are those which overturn long-held ideas and in their place establish new paradigms. But before you can set off for such grand undertakings, you must first find “true north” and get your bearings about you. Then, and only then, are you equipped and ready for the journey ahead.
About the Author
J.W. Rich is an independent writer whose upcoming book is titled Praxeological Ethics. Rich’s long form writings can found here and his weekly substack here.
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