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I've had a similar feeling about economists and their writings--that there's absolutely no way to glean "truth" or "fact" from them. They always seem to have r

I've had a similar feeling about economists and their writings--that there's absolutely no way to glean "truth" or "fact" from them. They always seem to have reasons upon reasons why their predictions didn't pan out, and it's never their fault. And yet they still seem to have authority? But I always think I must be missing something because they're so often cited and discussed and employed and and and. I am a computer person, and did not study econ beyond intro-level micro. In your mind, do macro-economists provide any actual value? If so, what is it?

sparkie 5y ago
"Why Did Almost Nobody See Inflation Coming?" [https://tinyurl.com/marfwtsm https://tinyurl.com/marfwtsm] > "Forecasting inflation is a staple of macroeconomic modeling, yet virtually all economists’ predictions for the United States in 2021 were way off the mark." I recall reading this headline and laughing, because virtually everyone in the circles I associate with was warning very vocally about what would happen when it was announced in early 2020 that governments and central banks would be greatly increasing the money supply to pay for people to stay at home (and pay for "other" things), with no obvious sign of how productivity would be increasing. All signs were that productivity would also decrease (and it did), due to draconian lockdowns which prevented people from producing. So why was the Austrian school exactly right about the inflation, and the Keynesians wrong again? The reason is quite simple. Those who are the beneficiaries of new money have a motive to continue gaslighting you about the causes of price inflation.