On Economics


hile the 1960s still generally constituted the “Golden Years” of Western economic development, LRH proved quite correct in suggesting all was not as rosy as economists imagined. In point of fact, right around the fiscal corner, lay all we associate with the early 1970s, including: quadrupling fuel costs, usury interest rates and—as LRH again points out—the utter collapse of a gold-dollar based world monetary system. In consequence, came all we now associate with a subsequent worldwide inflationary recession, including: a steady decline of the average wage in terms of real purchasing power, double-digit unemployment across much of western Europe, and—particularly in consequence to increasing taxation for the socialist safety net—what has been aptly described as a “growing culture of hate.”

     In mentioning psychiatric interests in the economic realm, LRH is touching upon most intriguing links between heavily monied interests and psychiatry. For example, close scrutiny of a World Federation of Mental Health through the 1960s and 1970s reveals many a tie to British banking interests, while similarly close scrutiny of American psychiatric funding reveals consistent Rockefeller Foundation support since the early 1920s, especially as regards what Foundation directors described as psychiatry’s “potential contribution” to education, sociology and “the general business of living.”

     That LRH further focuses upon the failure of economists to either predict or explain what followed from the end of those Golden Years is also highly significant. For the truth is, in citing the failure of Keynesian theories—and thus the driving force of economic theory for half a century—he is citing what has only recently been acknowledged, i.e., the dramatic decline of student enrollments in economic graduate programs, the closing of economic departments in many a major corporation, and even the federal abandonment of what economists themselves now describe as “a dismal science.”

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