3 ms·
This is easy to rebut. He is wrong about macroeconomics. But that's because every macroeconomic theory is wrong by design. It is impossible to come up with a m
by beebmam 3y ago
This is easy to rebut. He is wrong about macroeconomics. But that's because every macroeconomic theory is wrong by design.
It is impossible to come up with a macroeconomic model that perfectly describes reality because economic realities are far too complex to be modelled. That doesn't mean there is zero truth or value to these models, but it means they are certainly wrong, and that is is healthy to approach all macroeconomic analysis with a critical mind.
- toomuchtodo 3y agoAnd some emotional models attempt/desire to attribute skill to what was luck, converting that to status. If you’re wealthy, what else do you have left to chase? You can't buy it, but the money helps (Michael Bloomberg spent $900M attempting to become POTUS and still failed [1], for example). [1] https://thehill.com/homenews/campaign/488767-bloomberg-spent-over-900-million-on-presidential-campaign/ https://thehill.com/homenews/campaign/488767-bloomberg-spent...
- keep_reading 3y agoYou're correct, it is impossible to design a model which is why we need to kill the central banks as they think they do have a model that is trustworthy.