Earl Weiss
Well-known member
- Joined
- Aug 31, 2007
- Messages
- 6,372
- Reaction score
- 943
- Points
- 113
I rank economists and their theories right up there with weathermen and physicists. Really bad at making predictions and really good at explaining why predictions based on their theories were wrong. The titanic was unsinkable, the bumblebee can't fly, a plane crashing into the world trade centers wouldn't bring it down.
The simple formula in your post cannot account for the factors outlined in my post, (#18) just the stuff economists use to explain the wayward predictions. Just like stuff they forgot to take into account during the economic boom of the early 2000's. But they were really good at explaining the mess ...after it happened.
.. there is some common ground that we have based on your last statement. People who ignore better evidence ... put all of us at more risk. Some economists or people with degrees in economics ... like some lawyers ... should sometimes be taken with a grain of salt! This is based on experience where in our state the leading proponent of replacing our income tax with service taxes kept touting his degree in economics. Also, based on the auditor who thought he had total cart blanche with us just by using his "accountant degree" as his weapon of choice.
