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

George Washington's picture

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AnAnonymous's picture

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

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

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."

margaris's picture

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

 

snowball777's picture

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

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.

max2205's picture

Don't get me started

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.

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!

 

AnAnonymous's picture

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

Bubbles...bubbles everywhere's picture

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

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.

 

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.

 

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.

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.

 

ATrillionSavedIsATrillionEarned's picture

We should outsource the economics profession to China?