What are economists really good for?...nothing but propaganda

[dcraelin]

- "Nothing in these abstract economic models actually works in the real world. It doesn’t matter how many footnotes they put in, or how many ways they tinker around the edges. The whole enterprise is totally rotten at the core: it has no relation to reality."
Noam Chomsky, Understanding Power, pp. 254-5

- You can also construct models which have no relation to reality. Some free-market economic models, for example, abstract away from significant factors, such as state intervention or the fact that capital is mobile and labor relatively immobile and so on. They actually take you farther away from the way the world works.

Noam Chomsky - The Golden Age Is in Us Noam Chomsky interviewed by Alexander Cockburn

Noam Chomsky about economic models Resources for Economics Learners and Students.

 

[dcraelin]

Debunking Economics - Revised and Expanded Edition The Naked Emperor Dethroned Steve Keen 9781848139923 Amazon.com Books

book talking about how the whole "profession" is bunk

 

[Mac1958]

Economists can be helpful when kept in their lane - macroeconomic theory and charting for specific applications or businesses - but once they become "pundits" they become what most other pundits are, not much more than useless, opportunistic noise.

Most economists have to be reasonably accurate with their forecasting or they lose their job. Pundit economists just need to be good on teevee.

Chomsky's right, especially regarding these types of economists and "the real world".

 

[Toddsterpatriot]

Chomsky whining about propaganda....LOL!

 

[there4eyeM]

I've often found it interesting that economists can explain in excruciating detail and with precise certitude what caused any given crisis. They like to make it sound like science. Yet, if asked what exactly reducing a sales tax by two percent will do, for example, cannot provide other than yards of ink to say, "dunno!"

One of the major elements it seems to me that 'economics' fails to truly address is that it all is, ultimately, essentially psychology. What is valued, what motivates, etc.?

 

[regent]

Economics is similar to history. Economists cannot experiment as do the natural sciences, they can generally tell us what happened and why they think it might happen again if all the economic components are in the same proportions and the conditions are exactly the same. Still, by using those methods we may have just escaped another Great Depression by studying the possible causes of the last. Come to think of it we haven't had another Great Depression for some years now and is that because of economists? Was Keynes right?

 

[Mac1958]

I've often found it interesting that economists can explain in excruciating detail and with precise certitude what caused any given crisis. They like to make it sound like science. Yet, if asked what exactly reducing a sales tax by two percent will do, for example, cannot provide other than yards of ink to say, "dunno!"

One of the major elements it seems to me that 'economics' fails to truly address is that it all is, ultimately, essentially psychology. What is valued, what motivates, etc.?

Yeah, absolutely. They're essentially practicing forensic economics, post mortem analysis. Not that tough.

And yes, economists (especially "pundits") tend to use static analysis rather than dynamic analysis. Their supposed "strength" is in numbers and empirical analysis & forecasting, not the psychology of markets or business.

Academics and other theorists have their place, but it really shouldn't be in front.

.

 

[jwoodie]

One of the major elements it seems to me that 'economics' fails to truly address is that it all is, ultimately, essentially psychology.

This is also a problem with "static scoring" of the costs of government programs. Changing the rules causes people to change their behavior.

 

[there4eyeM]

Most people think Keynes was 'left'.

Just joshing!

Really, it would seem to be too early to break out the Champagne.

 

[jwoodie]

Economics is similar to history. Economists cannot experiment as do the natural sciences, they can generally tell us what happened and why they think it might happen again if all the economic components are in the same proportions and the conditions are exactly the same. Still, by using those methods we may have just escaped another Great Depression by studying the possible causes of the last. Come to think of it we haven't had another Great Depression for some years now and is that because of economists? Was Keynes right?

Keynes was right as long as government spending and revenue remained balanced over the long run. Instead, we finance deficit spending with long term debt that we will never be able to repay.

 

[Sonny Clark]

- "Nothing in these abstract economic models actually works in the real world. It doesn’t matter how many footnotes they put in, or how many ways they tinker around the edges. The whole enterprise is totally rotten at the core: it has no relation to reality."
Noam Chomsky, Understanding Power, pp. 254-5

- You can also construct models which have no relation to reality. Some free-market economic models, for example, abstract away from significant factors, such as state intervention or the fact that capital is mobile and labor relatively immobile and so on. They actually take you farther away from the way the world works.

Noam Chomsky - The Golden Age Is in Us Noam Chomsky interviewed by Alexander Cockburn

Noam Chomsky about economic models Resources for Economics Learners and Students.

The best economic indicator is, and always has been, Main Street America.

 

[hipeter924]

I don't admire economists, as the major ones made up this nonsense about a free market leading to a free society or about democracy leading to a free economy.

 

[bripat9643]

- "Nothing in these abstract economic models actually works in the real world. It doesn’t matter how many footnotes they put in, or how many ways they tinker around the edges. The whole enterprise is totally rotten at the core: it has no relation to reality."
Noam Chomsky, Understanding Power, pp. 254-5

- You can also construct models which have no relation to reality. Some free-market economic models, for example, abstract away from significant factors, such as state intervention or the fact that capital is mobile and labor relatively immobile and so on. They actually take you farther away from the way the world works.

Noam Chomsky - The Golden Age Is in Us Noam Chomsky interviewed by Alexander Cockburn

Noam Chomsky about economic models Resources for Economics Learners and Students.

Noam Chomsky is nothing but a maoist propagandist himself.

 

[bripat9643]

I don't admire economists, as the major ones made up this nonsense about a free market leading to a free society or about democracy leading to a free economy.

You mean to say that you're an idiot?

 

[regent]

Of course a large component is the psychology or thinking of the people. If they begin, because of fear, to squirrel money away instead of spending we have a problem. That's why Hoover and others claim prosperity is just around the corner and we can pull ourselves up by our own bootstraps, none of which worked for Hoover. The thing that worked during the great depression was: the only thing we have to fear is fear itself. The reason it worked was the people had confidence.

 

[bripat9643]

Economics is similar to history. Economists cannot experiment as do the natural sciences, they can generally tell us what happened and why they think it might happen again if all the economic components are in the same proportions and the conditions are exactly the same. Still, by using those methods we may have just escaped another Great Depression by studying the possible causes of the last. Come to think of it we haven't had another Great Depression for some years now and is that because of economists? Was Keynes right?

Keynes was right as long as government spending and revenue remained balanced over the long run. Instead, we finance deficit spending with long term debt that we will never be able to repay.

Keynes wasn't right about anything. He became popular with politicians and other sorts of ticks on the ass of society because he gave politicians an excuse to go on a spending binge.

 

[hipeter924]

I don't admire economists, as the major ones made up this nonsense about a free market leading to a free society or about democracy leading to a free economy.

You mean to say that you're an idiot?

You're a asshole.

What's new.

 

[bripat9643]

Most people think Keynes was 'left'.

Just joshing!

Really, it would seem to be too early to break out the Champagne.

Keynes is a statist. There's no doubt about that.

 

[haissem123]

- "Nothing in these abstract economic models actually works in the real world. It doesn’t matter how many footnotes they put in, or how many ways they tinker around the edges. The whole enterprise is totally rotten at the core: it has no relation to reality."
Noam Chomsky, Understanding Power, pp. 254-5

- You can also construct models which have no relation to reality. Some free-market economic models, for example, abstract away from significant factors, such as state intervention or the fact that capital is mobile and labor relatively immobile and so on. They actually take you farther away from the way the world works.

Noam Chomsky - The Golden Age Is in Us Noam Chomsky interviewed by Alexander Cockburn

Noam Chomsky about economic models Resources for Economics Learners and Students.

I know. they are all worthless and won't even be honest all tell us all the economy is a myth held together by lies and made up computer "cash". it's really a joke.

 

[hipeter924]

Most people think Keynes was 'left'.

Just joshing!

Really, it would seem to be too early to break out the Champagne.

Keynes is a statist. There's no doubt about that.

Good. Hopefully you get into a circular rage and blow up, like on cartoons.