Conspiracy Theories

The term ‘conspiracy theory’ has been part of our culture for a very long time. It is often justifiably followed by the word ‘nut.’ It is also a way to stop discussion, or to embarrass others from believing what is being said. The aversion to conspiracy theories flows from a revulsion at the thought that well-known events are caused by a group of people acting in secret.
If that is true, then the common-sense understanding of why things happen is defective. And if it is defective, then those who are seen as best informed are actually mistaken. They lose their standing, and we are faced with a grim world where important events have dark and unknown causes.
Those who believe in conspiracy theories think that the common explanations are defective. In their view, others fail to understand that the world doesn’t just happen. It is forged by hidden intentions. They believe that those who try to explain the world without recourse to secret agendas are either duped or part of the conspiracy.
Believing in conspiracy theories means that the world is not out of control. Instead, things are made to happen. This implies that something can be done to counter the conspirators’ actions.
There are those who believe that the price of oil fell because of a global decline in economic growth and the emergence of new technologies. In their view, nothing else is needed to explain it. There are others, though, who believe that the decline in the price of oil was deliberately engineered by some nation or powerful financial figures in order to cause harm.
If it is the former, then we are trapped by uncontrollable market forces… but at least we understand what is going on in the world. If it is the latter, then the world is controlled by powerful forces that determine the world’s fate for their own benefit.

This post was published at Mauldin Economics on AUGUST 29, 2016.