Let\u2019s be blunt. Whatever economics is, it is not a science. Unlike physicists, who can predict an asteroid\u2019s closest approach to earth within a few miles when it is still 100 million miles out in space, economists can\u2019t accurately predict this quarter\u2019s GDP. Indeed, they are still arguing among themselves about what \u201creally\u201d happened 83 years ago.<\/p>\n
In light of the economics profession\u2019s track record, it is hilarious to hear pundits and politicians say things like, \u201cMost economists agree\u2026\u201d as if this mattered…It has been said that generals are always preparing to fight the last war. Similarly, at the time that our current \u201cPretty Good Depression\u201d started, most of what central bankers knew (or thought that they knew) had to do with \u201cfighting inflation,\u201d which was the last great monetary \u201cwar.\u201d<\/p><\/blockquote>\n
The post itself is entitled “America Doesn’t Need Monetary Policy, And It Doesn’t Need Economists”.\u00a0 It’s a long read, and worth every bit of it.<\/p>\n
Although since some of my best friends are economists, I’ll stick with “America doesn’t need to pay undue attention to them on a policy level”.<\/p>\n","protected":false},"excerpt":{"rendered":"
A line that hovers before me in blog and news-site comment sections like a red cape in front of a bull; “most economists agree”.\u00a0 Forbes’ Louis Woodhill has at that oldie-but-goodie: Let\u2019s be blunt. Whatever economics is, it is not a science. Unlike physicists, who can predict an asteroid\u2019s closest approach to earth within a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[68],"tags":[],"class_list":["post-37887","post","type-post","status-publish","format-standard","hentry","category-capitalism-v-socialism"],"_links":{"self":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/37887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=37887"}],"version-history":[{"count":4,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/37887\/revisions"}],"predecessor-version":[{"id":37904,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=\/wp\/v2\/posts\/37887\/revisions\/37904"}],"wp:attachment":[{"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37887"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.shotinthedark.info\/wp\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}