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Economics are like physicians circa 1600: treat people through elaborated thesis. Any outcoume reinforce the validity of the elaborated thesis.
PLEASE , don't tell me that economists don't know what they are talking about.
NEXT YOU'LL BE SAYING ENVIRONMENTALISTS ARE GOOFY TOO
20 years ago, I heard an academic joke in one of my undergrad biz classes, "Economists exists to make weatherman look good."
I also had such a "cash for gold" advertisment in my post. I had to laugh out loud!
Don't be so hasty...maybe they'll pay 15% over spot.
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.
Don't get me started
Sorry, but central planning and crony capitalism were not part of my curriculum. I guess I should have gone to an Ivy League school.
Their job is not to "learn anything." Their job is to make sure we don't learn anything.
Seminar shrimp cocktail bitchez!
That is very likely that. Adding noise on the line, covering up for stuff...
You cannot predict the outcome of anything when the markets are artificially manipulated.
"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.
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.
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.
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.
We should outsource the economics profession to China?
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