That “economists know nothing” is an exaggeration. As always, we should remember that the expert presented to us by the main stream media is the one they SELECTED. The selection process of the nightly news, newspapers, and news magazines is the problem.
The author mentioned free trade and globalization. NAFTA had a lot of people needlessly arguing the merit, or lack of merit, of free trade. The people arguing bought into the lie that NAFTA was about free trade. Well, it’s in the name: North American Free Trade Agreement. But the name was a lie. The agreement was not a free trade agreement. As Milton Friedman said, a free trade agreement can be written in a sentence. NAFTA was more than a thousand pages long. Inspired by President Trump, I say “NAFTA was fake.”
My opinion is that computer models of the economy are not very good. Computer models are merely tools. Rather than genuflect to “models,” I suggest listening to the analyst of your choice. He may use a model, but again, it is merely a tool. To put it differently, having a screwdriver does not make you an electrician. However all electricians use screwdrivers.
In the mid 1980s the press was going on about the earth running out of resources. It was the Global Warming of the time. Anyone with two courses in economics knew enough to reject all that blather. However the MSM did not advance any economists who challenged their message of future shortages and the need for socialism.
What I’ve been wondering is what impact that the knowledge of the attempted coup by the DemonRats will have on the economy, stock market etc. once it is widely known. If one was to do a survey of the great unwashed, it would still likely show that only a small percentage of the population know anything at all about it.... the rest are blithely unaware.
This would seem to be a boiling pot with the lid welded down. What happens when massive amounts of on and offshore investors realize the country they’ve believed and invested in has had a coup going on for the past four years and it was an eyelash away from being successful?
I’ve been saying for years that if all the economists and meteorologist were to switch places nobody would notice.
But I’ve now come to the realization that after the switch, the weather reports would be less accurate...
I mean come on... Nobel Prize winning economist Paul Krugman? I mean who’s been wrong more often than that guy?
Mark
It will be the happiest day of my life when the words “Covid-19” are gone from the lexicon.
This is only slightly off-topic. Screaming headlines from one of OK’s local news sites: “COVID Deaths Approach 300 !!!” BUT . . . see below, from deep within the article:
“Five deaths happened between April 22 to May 18, health officials said Wednesday.” That’s 5 deaths in just under a MONTH. Pretty feeble attempt to keep the fear ginned up.
The founding fathers of America knew which principles, facts, and natural laws would be necessary to make America great, and they were right. To reject principles, laws, facts, truth, and reason,because one believes reality is unknowable by reason is pragmatism/postmodernism, which is what lefturd loons do. They try to solve problems simply by trial and error and experimentation rather than relying on prior knowledge.
“COVID-19 Proves that Economists Know Nothing”
Ok, but I can think of better ways to ascertain that.
Read this book.