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58 sats \ 10 replies \ @Satosora 12 Aug \ on: Economic Uncertainty: Is the Global Economy Heading for a Recession? econ
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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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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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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People seldom question their beliefs, when their paychecks depend on those beliefs.
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