“Modern economics claims to be a science. This is a sham and a fraud. When it fails to predict future events it does not act like the scientist, disregarding false theories in search of the truth; it acts like the Indian Medicine Man who has failed to make rain. It equivocates, rationalizes and tries to make minor adjustments.”
“Modern economics claims to be a science. This is a sham and a fraud. When it fails to predict future events it does not act like the scientist, disregarding false theories in search of the truth; it acts like the Indian Medicine Man who has failed to make rain. It equivocates, rationalizes and tries to make minor adjustments.”
Cannot say that I disagree with this quote. The same applies to stock market “analysts” who have all the predictive powers of a bunch of chimps with darts taking a flying leap at the dartboard. Sometimes a few good ones can tell you why something causally happened in the past but all of them fall on their face when they venture into predictive mode. What makes Krugman different is his number fudging and fake economics much like fake news