• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

Most Economists Fall Back Into Neoclassical Stupor ... "If They Don't Know Anything, Then Why Should We Listen To Them?"

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Wed, 01/19/2011 - 03:50 | 886574 AnAnonymous
AnAnonymous's picture

Economics are like physicians circa 1600: treat people through elaborated thesis. Any outcoume reinforce the validity of the elaborated thesis.

Wed, 01/19/2011 - 00:19 | 886345 bruiserND
bruiserND's picture

PLEASE , don't tell me that economists don't know what they are talking about.

NEXT YOU'LL BE SAYING ENVIRONMENTALISTS ARE GOOFY TOO

 http://www.youtube.com/watch?v=ElJFYwRtrH4

Wed, 01/19/2011 - 00:14 | 886335 bunkermeatheadp...
bunkermeatheadprogeny's picture

20 years ago, I heard an academic joke in one of my undergrad biz classes, "Economists exists to make weatherman look good."

Tue, 01/18/2011 - 21:25 | 885938 margaris
margaris's picture

I also had such a "cash for gold" advertisment in my post. I had to laugh out loud!

 

Tue, 01/18/2011 - 22:04 | 886034 snowball777
snowball777's picture

Don't be so hasty...maybe they'll pay 15% over spot.

Tue, 01/18/2011 - 23:36 | 886232 margaris
margaris's picture

they were in town for two days in a hotel/conference room. open 4 hours every day.

It was all prepared for a fast exchange, so of course you would get very bad price for your gold.

Its mostly for people who have NO IDEA how much PM really cost.

They visit town after town and rip off people.

Tue, 01/18/2011 - 20:52 | 885852 max2205
max2205's picture

Don't get me started

Tue, 01/18/2011 - 20:10 | 885719 Bubbles...bubbl...
Bubbles...bubbles everywhere's picture

Sorry, but central planning and crony capitalism were not part of my curriculum. I guess I should have gone to an Ivy League school.

Tue, 01/18/2011 - 19:53 | 885690 Andy Lewis
Andy Lewis's picture

Their job is not to "learn anything."  Their job is to make sure we don't learn anything.

Seminar shrimp cocktail bitchez!

 

Wed, 01/19/2011 - 03:49 | 886572 AnAnonymous
AnAnonymous's picture

That is very likely that. Adding noise on the line, covering up for stuff...

Tue, 01/18/2011 - 19:48 | 885680 Bubbles...bubbl...
Bubbles...bubbles everywhere's picture

You cannot predict the outcome of anything when the markets are artificially manipulated.

Tue, 01/18/2011 - 19:43 | 885664 Eternal Student
Eternal Student's picture

"They are both exasperated that most economists have not learned anything at all from the crisis."

Yes, isn't that something? It should be added that this was the biggest economic event of their careers as well. And nearly all of them haven't learned anything.

 

Tue, 01/18/2011 - 19:41 | 885658 Convolved Man
Convolved Man's picture

The economists are in a quandary.  They do not know whether the problem is inherent to the divination bones or with their interpretation of casted patterns.

 

Tue, 01/18/2011 - 19:55 | 885696 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

In all honesty, rolling them dry bones would be a step up because it would introduce stochastic process into the current abyss known as the dismal science.

Tue, 01/18/2011 - 20:31 | 885797 Convolved Man
Convolved Man's picture

 

The sacred interpretation manual currently used in casting and reading the divination bones:

Monetary Policy Alternatives at the Zero Bound:  An Empirical Assessment

The analysis of Fed speak, using communications policies to shape public expectations about the future course of interest rates, is truly enlightening.

 

Tue, 01/18/2011 - 19:31 | 885630 ATrillionSavedI...
ATrillionSavedIsATrillionEarned's picture

We should outsource the economics profession to China?

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