That said economics is made deliberately hard by people in the trade. They make it almost a black art simply to confuse and bewilder the general public with bull$hit. I aced econ once I figured out that the lingo was just there to make it sound like it was above the average Joe. Biggest problem today is that the world economy has changed and the econ peddlers have not. Therefore they are constantly hit with “unexpected” economic data. Bottom line is that this depression will not end until the uncertain aspects of government intrusion and taxation are settled.
Sort of like attorneys drafting documents only another attorney can decipher. Perpetuation of the species.
So, Dr. Urethra thinks that a Ph.D. is a **necessary** qualification for anyone to comment on economics, eh? How then does he explain away all the Ph.D.s who have, presumably by dint of their hallowed expertise, managed to advocate the policies that have wrecked a once-dynamic economy?
Keep your degrees, boyo; give me someone who can add and reason logically, ANYtime.
In part, it is because few of the economists engaged in serious science spend any of their time connecting to the outer world . . . , leaving that to a group almost defined by its willingness to make exaggerated claims about economics and overrepresent its ability to determine clear answers.
Translation of the author’s condescension: Don’t worry your pretty little head about stuff you don’t understand, leave that hard stuff to us, we are the experts!
“economics is made deliberately hard by people in the trade. They make it almost a black art simply to confuse and bewilder the general public”
Not all that different from the mumbo jumbo dished out in other fields of study such as the law and information technology.
Where were the learned economic prognosticators just before the Great Recession? Truth is, they didn’t see it coming. They do however, have the unique talent of making hindsight sound prescient.
I minored in econ but am learning far more useful and lucid information from Peter Schiff’s book “How and Economy Grows and Why it Crashes”.
>>made deliberately hard by people in the trade
Pay no attention to the little men behind the curtain.
Ivory Tower A$$Hats like Athreya like to prop up the facade that the Proletariat needs a Vanguard Elite to “understand” (or not?) that fraud and blowing a derivative bubble by securitizing A$$Paper is bad.
Well, most of us simple folks (with common sense) don’t need a “Kartik Athreya” to understand the double entendre meaning of ESAD - one being a directive commonly uttered toward pompous twits like Athreya - the other meaning simply that if you do, you will.
Eat A$$Paper and Die, Athreya - if you do, you will. PLEASE DO!
Microeconomics is a science. Macroeconomics is voodoo. The systems we call an economy are the manifestation of billions of competing urges, pressures, and actions. The day we can control the weather i’ll believe we can someday learn to control a portion of the economy.