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My problem with economists is they call themselves scientists, yet have very little actual "science". Science means, reproducible, testable and predictable ide
by socrates1998 13y ago
My problem with economists is they call themselves scientists, yet have very little actual "science".
Science means, reproducible, testable and predictable ideas.
Economists use curve fitting formulas on past data, then call it science.
And, worse, they defend each other. I have taught economics, worked at hedge fund and studied economics in college.
They work at banks and governments, then use "science" to justify stealing money from the people they are supposed to be helping.
What happened to all the economists after the recent world economic crisis?
They didn't lose their jobs. They weren't held responsible for their horrible risk-analysis.
So, yes, they are idiots.
- zmk_ 13y agoAnd of course economics==financial economics. You have a very narrow definition of science as well. If in X years penicillin stops working altogether because of anitbiotic resitant bacteria will you start calling biology/medicine not a science?! Economics deals with an ever changing enviroment.
- socrates1998 13y ago> And of course economics==financial economics. Yes, because of the huge influence of the leading economists have on the world today. Economics, in general, is plagued by poor research, poor results, and bad logic. They help shape fiscal, monetary and economic policy, yet make horrible risk assessments, horrible predictions and believe their own bullshit. >Economics deals with an ever changing environment. Economics is way more complicated than people will admit. How can you model 7 billion people interacting? It's impossible. Yet, they give these charlatans huge salaries, awards, real power in government and don't hold them accountable. The leading economists (with a couple exceptions) still don't admit they don't know anything and won't adjust their thinking.