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Stop respecting the predictions of economists. It is a social science that pretends to be a hard science, with disastrous results. Can anyone justify the effici
by jwesley 18y ago
Stop respecting the predictions of economists. It is a social science that pretends to be a hard science, with disastrous results. Can anyone justify the efficient market hypothesis after the current crisis? This is all explained very well in The Black Swan.
- axiom 18y agoA crucial point in The Black Swam is that randomness is relative. Something that's random to you is not necessarily random to someone else (i.e. the dots in the sky were randomly distributed and unpredictable to many people a few thousand years ago.) It's all about how much knowledge you have about the system. So don't listen to SOME economists, and keep in mind their track record of predictions. Not all economists are equally bad.