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> brilliant economist There's the problem. Economics is the science of explaining tomorrow why the predictions you made yesterday didn't come true today. We d

• turnsout 1y ago
  Exactly. Economists don't even have good theories for why something happened, let alone what might happen in the future. The entire field is vibe-based, which they try to cover up with a lot of crackpot math.
• gruez 1y ago
  >There's the problem. Economics is the science of explaining tomorrow why the predictions you made yesterday didn't come true today. Plenty of economists' predictions hold up. Turkey's unorthodox economic theory that higher interest causes inflation did not pan out, and when they hiked interest rates inflation duely dropped. Most prices drop with increased supply and increase with decreased supply. There are some goods that buck this trend, but that's incorporated into economic theory. Moreover your comment implies that economists shouldn't try to explain when their theories don't match up. This seems entirely antithetical to science? Astronomers used to be believe in geocentrism. Is it bad for them to explain why their geocentrist predictions not hold? >We don't call people who successfully predict things "economists", we call them planners. I can't tell whether this is satire. For me, "planners" invoke either bureaucrats of command economies, which have a pretty lousy economic history, or people on zoning boards. Neither are "people who successfully predict things".