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Putting Your Money Where Their Mouth Is: Who Are The Best Paid Economists

Tyler Durden's picture




 

When it comes to predicting the future, or the correctness of their opinions about virtually anything else, economists fall just behind weathermen in the spectrum of accuracy and relevance. This was confirmed most recently just yesterday, when we showed the "The Funniest Quotes From BofA As It Throws In The Towel On Its "Above-Consensus" GDP Forecast." Furthermore, due to the non-falsifiability of perpetually erroneous economic theories and assumptions, economics is neither an art nor a science (captured best in "The First Economist" cartoon), but painful, if well-paid, voodoo: "painful" for all those whose lives are ruined as one after another economic theory shatters and leaves the world a worse place than it was before; "well-paid" only for the tenured economist in question.

Confirming just this is the following table extracted from yet another typical economic study titled "Do the Best Scholars and Economists Attract the Highest Speaking Fees?" (just what is a "best economist" - the one whose "theory" results in the greatest GDP-boosting world war?)

While we urge nobody to read the actual study, what is stunning, especially in light of recent revelations that the most clueless economist of them all, Ben Bernanke, now commands a fee of $250,000 per speech (and just happens to be "off the chart"), is just how much these constantly wrong weathermen are paid to spread their particular dose of voodoo.

So, without further ado, prepare to be dumbfounded.

 

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Sat, 06/14/2014 - 13:52 | 4856860 Flakmeister
Flakmeister's picture

Every shill has his price and comfort zone...

Sat, 06/14/2014 - 13:57 | 4856875 Publicus
Publicus's picture

Speech fee equals legalized bribery.

Sat, 06/14/2014 - 14:04 | 4856884 Thought Processor
Thought Processor's picture

 

 

Economics = the science of extending an economic theory through time based on what always prove to be false assumptions.

Sat, 06/14/2014 - 14:11 | 4856905 TeamDepends
TeamDepends's picture

On today's episode of As The Debt Churns, Gentle Ben inks yet another $250,000 speaking deal (guffaws), while Keynesian Slim says he will do "whatever it takes" to stop the ISIS butcher he released into the wild in 2009.

Sat, 06/14/2014 - 15:20 | 4856965 Thought Processor
Thought Processor's picture

 

 

Ok, here's what kills me about the whole 'economics' debate-  

Any explanation of 'Keynesian' Economics simply states that the Gov. should increase spending in the general economy during a downturn in private business activity.   Simple right.  But if you read the fine print it also says that the increase spending should be reversed after the economy normalizes and the Debt Paid Back.

It's a two part equation.   And guess what happens if you leave out the second part of the equation and the debt is not paid back?  The Gov. eventually implodes under the debt load.  

Sound familiar?

 

 

False assumptions (ie: reality) can easily negate the best of Theories.

 

 

 

Sat, 06/14/2014 - 15:34 | 4857089 max2205
max2205's picture

If it wasnt a write off no one would pay

 

 

 

 

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Sun, 06/15/2014 - 23:43 | 4860164 The Internation...
The International Jew's picture

It designed to fail you fucking retards - there is no argument to it.  Hasn't that fucking clicked, IN YOUR THICK TINY LITTLE FUCKING RETARD SKULLS?

There is no need for such thing as keynesian economics, if there was no credit fueled bubble in the first place.

 

I see you fucking retards bandy about some argument about how Austrian economics is clearly the better. 

WELL NO FUCKING DUH GENIUS.  ONE IS ACTUALLY DESIGNED TO FUCKING FAIL U MORON.

Sat, 06/14/2014 - 18:59 | 4857463 DavidC
DavidC's picture

Thought Processor,
Good comment.

And this is why we're experiencing neither true Keynesianism (not that I'm a fan of his anyway) nor true capitalism.

DavidC

Sun, 06/15/2014 - 09:41 | 4858263 COSMOS
COSMOS's picture

Economic theory = Wild Guess

Sat, 06/14/2014 - 14:10 | 4856900 remain calm
remain calm's picture

Ben Bernanke = Al Roker   Overpaid dumb fucks

Sat, 06/14/2014 - 14:55 | 4856989 NoDebt
NoDebt's picture

Ben Bernanke = The Ted Baxter of economics

Sat, 06/14/2014 - 15:31 | 4857082 666
666's picture

Tell ya what I'm gonna do: I'll only charge this bunch of losers a discounted fee of $1000 to hear me speak about economics. I only give the straight talk, not a bunch o' crap like they do. This way they can learn something and hopefully pass it on in their speeches.

Sat, 06/14/2014 - 16:59 | 4857248 Berspankme
Berspankme's picture

I will give it to you free. 100% cance of fucked up. Fuck you Bernanke

Sun, 06/15/2014 - 03:30 | 4858085 SF beatnik
SF beatnik's picture

Or maybe it is fair compensation for a job well done. One hand washes the other. He did the bidding of the big banks while holding office. Now they will make sure he is paid handsomely for what are actually boring speeches that everyone has already heard far too many times.

 

Sat, 06/14/2014 - 13:56 | 4856866 dryam
dryam's picture

Ben Stein looking strong..lol

Schiff vs. Stein 2008....

http://youtu.be/CZyvnWFbR84

Sat, 06/14/2014 - 13:54 | 4856867 Laughinggrizzley
Laughinggrizzley's picture

I didn't see Krugman? Or is the NYT the only ones willing to pay for his bullshit?!

 

Sat, 06/14/2014 - 15:21 | 4857053 machineh
machineh's picture

Kurgman is tracked under the 'comedian' category, not 'economist.'

Sat, 06/14/2014 - 16:07 | 4857149 Stuck on Zero
Stuck on Zero's picture

That PoS probably floated up and off the chart.

Sat, 06/14/2014 - 13:59 | 4856877 daxtonbrown
daxtonbrown's picture

Amory Lovins is on the list. What a quack physicist is doing as an economist I don't know.

Sat, 06/14/2014 - 14:17 | 4856918 sushi
sushi's picture

Carly Fiorina is also high on the list. Screwed up HP during her tenure. Does give great meeting but hardly a deep font of economic understanding or business acumen. 

Sat, 06/14/2014 - 15:22 | 4857056 machineh
machineh's picture

Maybe she should take up pole dancing, and improve her chart rank.

Sat, 06/14/2014 - 14:10 | 4856891 pashley1411
pashley1411's picture

If you change the classification from "Economist", to "Court Jester/Alchemist", it all comes into focus.

Its the spirit of the age; we do our humor now with unintelligible articles, unrealistic modeling, and utopian theories of society and the nature of men.

And "something for nothing" will never go out of style.

Sat, 06/14/2014 - 14:07 | 4856892 TJ Parker
TJ Parker's picture

That's unfair. Weathermen have become much much better, thanks to supercomputing and improving models of complex turbulent systems.

Sat, 06/14/2014 - 14:14 | 4856901 ebworthen
ebworthen's picture

Carly Fiorina is an economist?

And I thought she was the first female C.E.O. to drive H.P. into the ground.

And look at Zachary Karabell, way out on the index hits but at the bottom of the pay scale. 

Joesph LaBologna should be there with him but I don't see him, probably because he's a well paid professional liar for Deutschbank.

And Alan Greedspun - Mr. Housing bubble himself - is at the top of the list?  Fucking figures.

Sat, 06/14/2014 - 14:15 | 4856916 TeamDepends
TeamDepends's picture

Affeminist Action in action!!!!

Sat, 06/14/2014 - 14:14 | 4856913 Seasmoke
Seasmoke's picture

Bueller. Bueller. Bueller ???

Sat, 06/14/2014 - 14:21 | 4856925 Mi Naem
Mi Naem's picture

Yeah!  $5000 a pop! 

So, when the Q&A comes, I bet the first question he's asked is "Hey, I'm a big fan of your career.  Can you do the Beuller classroom thing for us, just a little?  Hold it, lemme get my phone on record, OK, ACTION!" 

Sat, 06/14/2014 - 15:31 | 4857083 Yen Cross
Yen Cross's picture

  lol Seasmoke... Nice one.

  What about, Spicoli.Spicoli.Spicoli?

Sat, 06/14/2014 - 14:14 | 4856914 disabledvet
disabledvet's picture

"Zach Karabel. Smartest economist...least paid."

Funny that Paul Volcker is way up there.

Anywho nothing matters more than who the current head of the Fed is anyways.

Well..."and who's paying for those speaking fees" of course.

Sat, 06/14/2014 - 14:18 | 4856921 q99x2
q99x2's picture

If the FED paid your company hundreds of millions wouldn't you pay a little respect M'Fers.

Freakin ingrates.

Sat, 06/14/2014 - 14:19 | 4856923 Caveman93
Caveman93's picture

Peter Schiff needs a SERIOUS raise!

Sat, 06/14/2014 - 14:25 | 4856934 world_debt_slave
world_debt_slave's picture

How about a graph with the so called economists that have done the most damage to the free market?

Sat, 06/14/2014 - 14:33 | 4856944 strayaway
strayaway's picture

The Clinton family, although they are not crooked economists, have also been blessed with large speaking fees. Bill has made over $100M in speaking fees since being president. Hillary gets $200k/speech, and NBC paid the lovely Chelsea over $600K, or over $2,000/minute for her show. There sure is a lot of recognized talent in that famiy.

Sat, 06/14/2014 - 15:16 | 4857041 Thought Processor
Thought Processor's picture

 

I suppose it depends on how one defines 'Talent' in that context.

Sat, 06/14/2014 - 14:34 | 4856951 Spungo
Spungo's picture

I can understand why Harry Dent is paid so much. Just do the exact opposite of what he says and you'll do great. The other economists are not as reliable. It doesn't help me if you're right 50% of the time.

Sat, 06/14/2014 - 15:02 | 4856952 pakled
pakled's picture

I just watched "Inside Job" for the first time and was reminded that Charles Keating of the S&L debacle of the mid 80's paid Greenspan a reported 40K to examine Lincoln Savings. Greenspan gave the S&L a clean bill of health.

 

 

Shortly afterward the S&L had failed and Keating was in jail.

Sat, 06/14/2014 - 15:43 | 4857102 Berspankme
Berspankme's picture

Should have checked to if keatings pal mccain had a brain

Sat, 06/14/2014 - 14:41 | 4856961 Spungo
Spungo's picture

btw Lee Doren is not an economist. He's a retard on youtube who is wrong about almost everything.

Sat, 06/14/2014 - 14:49 | 4856968 Sudden Debt
Sudden Debt's picture

Most people can't take decisions so they'll take advice from anybody who has more money than they do as they believe the succes will "trickle down"

So it's not about the economists who are wrong.
It's all about the stupid people who don't have the confidence to decide for themselves.

And they also tend to be lazy as hell.

Sat, 06/14/2014 - 14:55 | 4856986 Spungo
Spungo's picture

"Any explanation of Keynesian Economics simply states that the Gov. should increase spending in the general economy during a downturn in private business activity. "

It's also university agreed that the government should spend the money on capital investment. The interstate highway system is a great example of this. It wasn't just a make-work project. It actually accomplished something. Businesses could use the interstate. Having that infrastructure improves the future economy. The military inventing shit like RADAR, GPS, the internet, VPN, and onion routing are other great examples of capital investment. Paying out 2 years of unemployment and unlimited EBT is not capital investment. Invading other countries is not capital investment.

Sat, 06/14/2014 - 14:56 | 4856991 Spungo
Spungo's picture

I think you mean Baxter Stockman of economics

Sat, 06/14/2014 - 15:10 | 4857025 pauhana
pauhana's picture

I might pay a few bucks to hear what David Stockman has to say but these others?  Not so much.

Sat, 06/14/2014 - 15:40 | 4857099 AnAnonymous
AnAnonymous's picture

The 'american' reference to voodoo is lost as there appears to have solid 'americans' on this list.

'Americans' have that issue with nativeness. They consider themselves native when they are native id and when they are native, they take alien references.

What is going on in the head of an 'american'?

Sat, 06/14/2014 - 16:09 | 4857156 XRAYD
XRAYD's picture

This is the price of "inside information" - right or wrong!  Buyer beware.  But no one uses their own money to buy. They use other people's money, to make money for themselves and their organizations. And to buy politicians and connections.

Sat, 06/14/2014 - 17:05 | 4857198 Radical Marijuana
Radical Marijuana's picture

Since the foundation of the economic system is enforced frauds, that system is run by professional liars and immaculate hypocrites, i.e., economists, etc. ...

Economists are intellectual mercenaries, because economics is a "science" like warfare is a science. Success in warfare depended upon deceits, while success in finance depended upon frauds, as the state powers set up by the War Kings were captured by the Fraud Kings, the central banks, and the corporations that grew up around those banks, were based upon the legal power to create the public "money" supply out of nothing as debts, because those banskters, and their buddies, had been able to apply the methods of organized crime to the political processes, in order to establish systems of legalized lies, backed by legalized violence.

Since that is REALITY, becoming aware of that is practically useless, since almost nobody pays for more radical truth. Instead, since REALITY is based on backing up lies with violence, therefore, economists are relatively well-paid depending upon the degree to which they can provide justifications or rationalizations of the already established systems of organized lies, operating robberies.

In THEORY, economics should be another science based upon a radical understanding of general energy systems, through which the general energy systems of human civilizations are integrated into the general energy systems of their natural environment. However, the actual human history of successful warfare based upon deceits drove the development of a political economy whose systems of organized lies operating robberies were deliberately buried as deeply as possible under the biggest bullies' bullshit social stories.

All human sciences suffer from the profound paradoxes that successfully operating the death controlling murder system was done through the maximum deceits about doing that. Upon that foundation was built the political economy. Hence, there is a growing Grand Canyon Paradox between progress in all other domains of science and technology, EXCEPT anything to do with human beings, because there the central concepts are the death controls, which are actually accomplished through the maximum possible deceits.

Economics emerged as a tortuously tangled up language which manages to deliberately ignore and disregard the central social facts. However, since the success of the financial system is fundamentally based upon the history of the debt controls being backed up by the death controls, in the form of an enforced fraud, whereby private banks get to make the public "money" supply out of nothing as debts, economists are proportionately paid to the degree to which they can provide the kinds of bullshit that the banksters approve of.

I am not aware of any significant alternative schools of economics which are not still operating within the frame of reference of false fundamental dichotomies, and their related impossible ideals. Any human sciences always suffer from the paradoxes that the human murder systems were proportionately successful to the degree that they were deceitful. Since those murder systems backed up the monetary systems, economists are proportionately successful to the degree to which they enable the basic systems of enforced frauds to function.

The entire civilization is thus controlled by huge lies, being driven to become more criminally insane due to the success of human sciences being based on deceits and frauds. However, that seems IRRELEVANT to those operating within those established systems, since their personal success within those systems depends upon them continuing to be professional liars and immaculate hypocrites, providing organized systems of lies in order to facilitate the processes of social robberies.

Meanwhile, what is even worse than that kind of "economics" assisting the runaway social polarization, due to unbalanced rates of social robberies, is that kind of "economics" assists with the destruction of the natural world, because that kind of "economics" can not be reconciled with any of the other general environmental energy systems, since that kind of "economics" is fundamentally based on the abilities to make "money" out of nothing, and for that "money" to return to nothing, which appears to contradict the basic laws of nature, and so, such an "economics" can never be reconciled with the ways that the natural world works.

Obviously, that is simply FRAUD, but that is ENFORCED, and therefore, the people who are the best at promoting that FRAUD become personally the most successful "economists," despite that their work actually assists with the development of more runaway irreconcilable social polarization, and irreparable environmental destruction. All in all, since political economy operates through the maximum frauds, inside of the context of human ecology operating on the basis of the maximum deceits, the human social pyramid systems, after being amplified by technologies which have become trillions of times more powerful and capable, are RUNAWAY CRIMINAL INSANITIES.

Inside of the literally correct metaphor that our globalized Neolithic Civilization is an insane asylum controlled by the most criminally insane inmates, the proportionately well-paid economists are a cadre of intellectuals, promoting the kinds of lying hypocrisies which enable that system to continue to get crazier and crazier. However, there are no good reasons to currently believe that either economics or militarism will surmount their internal contradictions. Instead, one can most reasonably expect that the Grand Canyon Paradoxes of progress in all other domains of science and technology, EXCEPT in the area of human sciences, will continue to get worse, faster.

Economics, as currently practiced, is a "science" about enforced frauds, which manages to maintain attitudes of evil deliberate ignorance towards both the aspects of that, namely, "money" made out of nothing is a fraud, which only works because that is enforced by governments, which have the power to murder people who do not agree to live inside of that monetary system.

It is interesting to attempt to speculate, as a kind of hard political science fiction, whatever might happen IF economics and militarism became more genuinely scientific about themselves, as the only way to perhaps survive all of the other sciences and technologies going through a series of profound paradigm shifts, which enabled technologies to become many orders of magnitude greater, through the industrial revolution onwards.  Human laws are related to natural laws by the ability to back up lies with violence. That makes human laws an extremely convoluted set of almost infinite tunnels of deceits and frauds, entangled with themselves, in ways which mainstream economists "explain" without ever facing any of the fundamental social and natural facts.

The power to enforce frauds is what indirectly provides the pay-off for economists who assist the enforced frauds to function. Since the first rule of ideology is that people rationalized the ways that they made a living, therefore, the mainstream schools of economics are deeply entrenched in being as unscientific as possible about themselves, while they work within their fraudulent frame of reference to solve intellectual puzzles. Of course, those kinds of economists are quite unwilling, and probably unable, to go through paradigm shifts regarding human sciences enough to appreciate what they have been really doing.

But nevertheless, that is the kind of intellectual scientific revolution that I propose "should" happen. However, there are no reasons to believe it will happen before civilization gets crazy enough to collapse itself into chaos. Everyone who is proportionately successful within the already established systems, like the "economists" featured in the chart in this article, are as proportionately far away from more radical truth, since everything now manifests inside of a Bizarro Mirror World Fun House, where things appear backwards and distorted, since the BASICS are the money is measurement backed by murder, as the FOUNDATION is enforced frauds, which FACTS are the things which the most successful economists most skillfully deny and deliberately ignore, which, in turn, is approved of by the ruling classes, who therefore, reward those economists for doing that.

Sat, 06/14/2014 - 21:33 | 4857747 teslaberry
teslaberry's picture

why is it your posts' average length is about 2 pages worth. 

 

you have  been posting on here for a while marijuana and you rarely get replies. 

 

i will +1 you for persistence. you are certainly on drugs. and by drugs i just mean your normal brain , writing these words, is fucked up. have you ever thought once to wonder if people would read so many words?

Sat, 06/14/2014 - 21:47 | 4857770 Miffed Microbio...
Miffed Microbiologist's picture

I was hoping one day to retire and have the time to peruse and ponder all of RM's posts when I had all the time in the world for reflection. Well that plan it out so I guess I should content myself with an attention span and life of a gnat.

Miffed;-)

Sat, 06/14/2014 - 23:52 | 4857964 Radical Marijuana
Radical Marijuana's picture

I often day dream that I could do a content analysis of my bla, bla, blah, in order to edit it, by stating the things I repeated over and over again, in a list of those things which I repeated the most given priority in the list of those statements. After all, my comment above was merely another kind of jamming set of rifts, laying out my attitudes towards economists being paid to pump out bullshit approved by the banksters.

My posts on Zero Hedge could be said to be rehersals of my kind of political speeches. However, after working on the relationship of money to politics for a few decades, which currently takes this form of my work on Canadian Electoral District Associations, to take advantage of Political Contribution Tax Credits, I have been forced to face the social FACTS that 99% of the people act like political idiots, and so, there is no practical political point to try to promote more rational evidence and logical arguments regarding political problems.

I simply accept the way that my message tends to appeal to about 1% of 1% of 1% of the population. I am resigned to be radical. I continue promoting what I consider more radical truths, even though one of those radical truths is that social pyramid systems based on lies backed by violence, could care less about that, and tend to never have to bother about that, since they can already count on the vast majority of people continuing to act like Zombie Sheeple.

Sun, 06/15/2014 - 00:15 | 4857986 Miffed Microbio...
Miffed Microbiologist's picture

Perhaps you should consider developing a dual persona. RM and RM lite which would be sound bites and terse witticisms of RM. Thus you would capture another, albeit small, segment of your target audience. This may have wider ripple effects in the long run. Though, who am I kidding, I've tried to do the same and I just sound pretentious and awkward. I guess I don't have the range of personality to reinvent myself.

Political problems are only issues for sheeple. The PTB, who will ultimately be the Police State, have no need of politics and use them as a simple distraction until their power is fully realized. I guess I have reached nihilistic nirvana now. ;-)

Miffed;-)

Sun, 06/15/2014 - 01:48 | 4858039 Radical Marijuana
Radical Marijuana's picture

Hah! "nihilistic nirvana" too bad that does not seem to last very long, although some state of high indifference can be blissfull, while it is happening ...

Sun, 06/15/2014 - 02:17 | 4858050 Skateboarder
Skateboarder's picture

I've read some good posts from you, RM. You are a wise man - a wizard, by all means.

If I can distill all of your sentences into three [contiguous] words and pass it on to someone, it would be:

"fix death controls"

Maybe that is what Miffed was looking for.

Sun, 06/15/2014 - 09:57 | 4858285 petolo
petolo's picture

Thank you RM ; no matter what the content of your posts, they reflect a wisdom and conviction sadly lacking in this Empire of BS.

Sun, 06/15/2014 - 14:57 | 4858941 Radical Marijuana
Radical Marijuana's picture

Yes, Skateboarder, "fix death controls" is the essential thing.

However, personally, I can usually never resist adding more words, rather than editing some out. After all, I have been writing about "artificial selection" or how to "fix death controls," for several decades. It was the nuclear arms race that got me to start participating in registered politics, and then looking at the money in politics to figure out how that works, and what MIGHT be done to "fix death controls" after the development of weapons of mass destruction.

Sat, 06/14/2014 - 17:38 | 4857330 tbd108
tbd108's picture

I believe it should say "putting their mouth where the money is"

Sat, 06/14/2014 - 21:58 | 4857800 Downtoolong
Downtoolong's picture

The best part about being an economist isn’t the few rare occasions when you appear to get it right. The best part is that you can never be proven wrong.

Furthermore, it’s amazing that we let a handful of economists dictate the monetary policy of the world when you consider there aren’t two economists in the world who agree on everything, and there aren’t three economists in the world who agree on anything.

Sat, 06/14/2014 - 23:16 | 4857917 mark mchugh
mark mchugh's picture

Fifty grand to hear Carly Fiorina talk?  About what?

  • How to commit fraud, but not well enough to get away with it for long (Lucent Technologies)
  • How to vaporize other people's money (Hewlett Packard)
  • How to lose elections

Granted Fiorina is an expert, but who exactly aspires to be a total fuck-up and has fifty grand lying around?

Here's my favorite Carly quote:

The worst thing I could have imagined happened. I lost my job in the most public way possible, and the press had a field day with it all over the world. And guess what? I'm still here. I am at peace and my soul is intact.

...because the first thing ass-raped investors care about is the CEO's self-esteem.

Only in America.

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