Eighteenth-century English poet, classical scholar, and Cambridge professor Thomas Gray wrote “Ode on a Distant Prospect of Eton College,” recounting his long-past student days. It tells of the university journey from innocence to maturity and ends with these famous lines of English literature: “Where ignorance is bliss, it is folly to be wise.”
Shortened to the money-quote “ignorance is bliss,” we are reminded how easy and pleasant it is to be ignorant. Being “wise” might not even be a good idea—too much work.
Another famous phrase about being without knowledge is “Ignorantia legis neminem excusat”—“Ignorance of law excuses no one.” No one can justify his conduct on the grounds that he was not aware of the law.
Yet half of what we read and hear would be, in another time, considered near the pinnacle of the state of being unaware, or even cognitive dissonance as in the politically incorrect assessment question “Are you brain dead?” You can tell that I grew up when brutal honesty was more important than hurt feelings.
An example. The headline “Vietnam’s GDP up 13.67 percent in Q3, 2022” immediately brought out Philippine bashing even from people that pride themselves on their UP college degree. This was because of the fact that although it is too early for the Philippine government to announce preliminary 3rd quarter results like Vietnam regularly does, “Philippines’s GDP grows 7.4 percent in Q2.” Only 7.4 percent.
There is no possibility that Philippine GDP growth will reach Vietnam’s 13 percent growth level in Q3. But there is one particular reason for a lower growth number. The Philippines’s 2nd quarter 2022 annual growth was against a 12.1 percent annual increase in the 2nd quarter of 2021. Vietnam’s “13.67 percent in Q3, 2022” was from a NEGATIVE 6.02 percent growth in Q3 2021.
Even someone who did not study at the University of the Philippines can add 13.67 plus negative 6.02 and know that the sum is lower than 12.1 plus 7.4.
Here is the actual GDP in local currency, which is more realistic and accurate. At the end of Q3 2021, the total Vietnam Gross Domestic Product was VND3,644 billion. As of end Q3 2022, the total value of Vietnam’s economy is VND4,006 billion for an absolute total increase of 9.93 percent.
In contrast, at the end of Q2 2021, total Philippine GDP was P4.64 trillion. As of end Q2 2022, the total value of the Philippine economy was P5.39 trillion for an absolute total increase of 16.2 percent.
Even the ignorant would probably agree that 16.2 percent is larger than 9.93 percent. But the lazy are not interested in gaining knowledge and increasing their understanding of the world. Too much work.
In 1893 Isabel Burton published a biography of her husband, Richard Francis Burton, the famous British explorer. Included is supposedly an Arabian proverb.
“He who knows not and knows not he knows not is a fool—shun him. He who knows not and knows he knows not is a student—teach him. He who knows and knows not he knows, he is asleep—wake him. He who knows, and knows he knows is wise—follow him.”
There should probably be another. “He who knows and pretends he knows not is probably trying to manipulate the fool and maybe also the sleeping man.”
Honestly though, the fools and the sleepers have a critical role to play. Without them, the vast majority of politicians and press/media would not have any followers. Cults of all sorts including religious, economic, and social that require unquestioning belief and the demonizing of “non-believers” and “deniers” would be out of business.
Do the “wise” have any obligation to the “fools” and the sleeping? Absolutely none. No one was born foolish or asleep. That is a personal and premeditated choice. “Never attempt to teach a pig to sing; it wastes your time and annoys the pig”—Mark Twain.
In fact, Twain never said/wrote anything remotely like that. It comes from a 1973 book “Time Enough for Love” by Robert Heinlein. But in the age of Social Media, people believe what they want to believe. And unless you are a wise person with strong masochistic tendencies, it is better to leave the fools and the sleepers alone.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.