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In most cases I would agree with you regarding experts, but we're talking about economists here, not real experts. Let's take just one example, Nobel Prize win
by tharne 5y ago
In most cases I would agree with you regarding experts, but we're talking about economists here, not real experts.
Let's take just one example, Nobel Prize winning Economist and New York Times contributor, Paul Krugman.
The 1998, this gentlemen made the following bold declaration:
"By 2005 or so, it will become clear that the Internet’s impact on the economy has been no greater than the fax machine’s."
This is the same individual who mocked anyone who questioned the dogma of unlimited globalization and free trade in the 80's and 90's, only to admit later that he and others were very wrong about the damage it would do to the American middle class.
And then there's the fact that Krugman and the vast majority of economists completely failed to see the 2008 crisis building.
And mind you, Krugman isn't just any economist, he's a Nobel Prize winning economist who writes for "the newspaper of record".
So yes, when the "experts" of economics get things so miserably wrong, I'll stick with my original claim that they skipped the first month of high school science class.
Economists are modern-day tarot card readers.
- colinmhayes 5y agoKrugman has become a political pundit. You are quoting his punditry work. Economists have never claimed globalization is a net negative, because it's not. I agree they did not a do a good enough job of ensuring the government would help those harmed by globalization, but that is because they largely believe it's not their place to recommend policy actions, not because it surprised them.