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Headed? We are already knee deep in one. Look at inflation the last few years!
Bob Murphy has a joke from the previous financial crisis:
"Not only are macroeconomists unable to predict recessions, they can't even post-dict them."
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For all the economists working the system, they dont really seem to help during the recessions. And they are happening more frequently.
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There were so many times in our macro theory courses when we would ask each other "Is this really what they're doing?"
It's such a vacuous field of study, just dressed up in fancy mathematics to keep people from seeing through it.
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Micro stuff was nearly banned in my times. Keynes was (still is) the god of these central planners
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Nowaday's they pretend their Keynesian nonsense is based in micro theory (micro-founded macro). Of course, they don't acknowledge any of the Social Choice Theory that proves the impossibility of aggregating preferences in any meaningful way.
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They dont want to open their eyes to their own failures.
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People seldom question their beliefs, when their paychecks depend on those beliefs.
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You are right. When you are chained to your weekly paycheck, you have to sit when they tell you.
I had micro and macro economics in college. I thought it was pretty useless. Just a bunch of fancy words people dont even need to learn.
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Its a lot of circles they run in. They keep making the same mistakes over and over again.
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