Posted on 02/18/2025 6:18:24 PM PST by EnderWiggin1970
In November 2023, the warning came, as clear as an omen.
A political upstart was seeking office and, if elected, his policies were likely to cause “devastation” in his own country and “severely reduce policy space in the long run.”
The threat was a chainsaw-wielding disciple of Austrian economics from Argentina who embraced laissez-faire economics. The predictions of doom came not from Old Testament prophets, but 108 economists who signed a public letter saying his anachronistic ideas had long ago been discredited.
“As economists from around the world who are supportive of broad-based economic development in Argentina, we are especially concerned by the economic program of one of the candidates, which has become a major issue of discussion in the national election,” the letter read.
The economists (who included Thomas Piketty, a leading global scholar on wealth and income inequality) conceded that a desire for change in Argentina was understandable, considering the rampant inflation and economic crises the country was experiencing.
Yet the warning was clear.
“Javier Milei’s economic proposals are presented as a radical departure from the traditional economic thinking,” the economists wrote. “…we believe that these proposals, rooted in laissez-faire economics and involving contentious ideas like dollarization and significant reductions in government spending, are fraught with risks… . “
(Excerpt) Read more at thedailyeconomy.org ...
Becaue most “economists” are, at heart, bureaucratic lemmings.
Becuase in reality most economists are not economists, they are paid whores better known as political operatives.
They have more in common with dancing organ grinder monkeys than they do with anything academic.
Because they’re all stupid.
Because economics is a completely bullsh*t field, full of people who are completely full of sh*t. Ask me how I know. I majored in “Economics”.
Hmmm, I think I like your answer even better than mine!
I agree. A lot of caterwauling by the usual suspects and some consequent sputtering before the afterburners kick in.
Old econ joke:
A mathematician, an accountant and an economist apply for the same job.
The interviewer calls in the mathematician and asks “What does two plus two equal?” The mathematician replies “Four.” The interviewer asks, “Four, exactly?” The mathematician looks at the interviewer incredulously and says, “Yes, four, exactly.”
Then the interviewer calls in the accountant and asks the same question: “What does two plus two equal?” The accountant says, “On average, four—give or take 10 percent, but on average, four.”
Then the interviewer calls in the economist and poses the same question: “What does two plus two equal?” The economist gets up, locks the door, closes the shades, sits down next to the interviewer and says, “What do you want it to equal?”
economics is a completely bullsh*t field, full of people who are completely full of sh*t.
is both stupid and childish. My hero was, and still is, Milton Friedman and if you've read Free to Choose you would know what a brilliant man he was. Indeed, he was the principal architect of Reagan's economic policies. Thomas Sowell is another modern economist whose books on current events in the US are legendary.
You may be an econ major, but such broad-swath statements do not show it.
Your comment reminds me of an accountant I worked with a few years ago. I once asked him a question and his response was: That depends, are you on a land line or a cell phone.
This was a few years ago when technology wasn’t as advanced. I figure somebody could be listening now no matter what kind of phone we are on.
The problem is, there are a lot of “Economists” which base their theories on political desires.
That is the real reason they got Argentina wrong.
They’re all socialists?
I had the same revelation. They keep on what they are doing, gonna see the same result as Millei.
Incredible description by you.
Is it merely Keynes vs Friedman or deeper than that?
Thank you, sometimes something almost good leaks out of my brain and onto a post :)
Because they are ECONO-MISSEDS......
The letter and the list of signers and their positions is here:
Some wise man once correctly called economics, the dismal science!
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