In his New York Times Op-Ed Article That Old-Time Economics, April 17, 2015, Paul Krugman pointed out, "In recent years, however, innovative economic ideas, far from helping to provide a solution, have been part of the problem. We would have been far better off if we had stuck to that old-time macroeconomics, which is looking better than ever." I agree with his opinion. To learn from history is always a good way to solve today's issues.
Paul Krugman's opinion reminds me of the article, Benjamin Franklin and China by Dr. Dave Wang. In this article, Dr. Wang examined Franklin's study of Chinese economic theory. According to Dr. Wang, at some point between 1765 and 1774, Franklin studied Chinese economic theory. Franklin wrote the following to convey a pamphlet on economic theories by George Whatley, his friend; "It was an excellent saying of a certain Chinese Emperor, I wil, if possible, have no Idlesin my Dominions’ for if there be one Man idle, some other Man must suffer Cold andHunger. We take this Emperor’s Meaning to be, that the Labor due to the Public, by each Individual, not being perform’d by the Indolent, and necessary to furnish his Subsistence, must naturally fal to the share of others, who must thereby sufer.”