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Attempting and succeeding are two different things. Right before the last real-estate crash I attended a seminar with an economist who spoke at length why ther
by dhimes 9y ago
Attempting and succeeding are two different things. Right before the last real-estate crash I attended a seminar with an economist who spoke at length why there would not be a crash and in the coming spring there was going to be a real estate boom. Quoted lots of economic stuff to back it up (indicators and such- I don't remember but he was definitely convinced).
The field of economics seems to have a ways to go before it can be used reliably to predict things.
- pault 9y agoIt occurs to me that economics today is roughly at the same level of development medicine was circa 1500CE.
- meebs 9y agoThe difference being there is an advantage to keeping economics knowledge shady & unknowable. Information asymmetry is one way those with wealth can maintain or grow their wealth. I do not subscribe to conspiracy theories, but I do think enough independent selfish actors will result in a "conspiracy theory"-like outcome.
- noddy1 9y agoCompletely agree. It is further warped by the fact that although the anti-interventionalists are probably right, the interventionalists are the ones who do all the consulting and take all the jobs and give all the advice - because they are .. interventionalists. And who wants to pay a consultant to tell them "don't do anything, and there's nothing you can do."