My current hypothesis is that the human race doesn't understand economics. We understand what doesn't work, even though not even that is clear:
- Capitalism without Unions (too hard on the workers, they revolt)
- Soviet style command economy (too hard to adapt to real demand, leads to stagnation)
- Regulated capitalism (same sort of problem as the Soviet style command economy)
- De regulated capitalism (has led to the current mess)
It's fairly easy to see now that our leaders don't know what they are talking about. It also seems obvious that they never knew what they were talking about.