One who intends to leave others better off for his having existed.

6/20/14

"Never Trust an Economist"

http://www.zerohedge.com/news/2014-06-19/forget-pikettys-700-page-tome-here-shortest-economics-textbook-ever

"...a lot of professional economists think what they do is too difficult for ordinary people. [Many credentialed economists] say things like ‘you wouldn't understand what I do even if I explained it to you’, [which is a red flag to not trust what they are telling you.]

If [an economist] cannot explain it to other people, [the economist has] the problem...

...Despite what the experts want you to believe, there is more than one way of ‘doing’ economics

...there are no less than nine different kinds, or schools, as they are often known. And none of these schools can claim superiority over others and still less monopoly over truth.

...Economic arguments are often justification for what politicians [/corporations] want to do anyway

Economics is a political argument, more frequently providing justification of what those in power want to do anyway.

...It is one thing to not have foreseen the financial crisis; it’s another not to have changed anything since.

Most economists were caught completely by surprise by the 2008 global financial crisis. ...they have not been able to come up with decent solutions to the ongoing aftermaths of that crisis.  The financial crisis has been a brutal reminder that we cannot leave our economy to professional economists and other ‘technocrats’.

http://www.zerohedge.com/news/2014-06-19/forget-pikettys-700-page-tome-here-shortest-economics-textbook-ever

1 comment:

Bob Grenier (@bubbanear) said...

"...a lot of professional economists think what they do is too difficult for ordinary people. [Many credentialed economists] say things like ‘you wouldn't understand what I do even if I explained it to you’, [which is a red flag to not trust what they are telling you.]"

This quote must have been inspired by an experience with Andrew Brod.