20 sats \ 9 replies \ @Undisciplined 12 Aug \ parent \ on: Economic Uncertainty: Is the Global Economy Heading for a Recession? econ
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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38 sats \ 8 replies \ @Satosora 12 Aug
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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147 sats \ 7 replies \ @Undisciplined 12 Aug
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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49 sats \ 5 replies \ @TomK OP 12 Aug
Micro stuff was nearly banned in my times. Keynes was (still is) the god of these central planners
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20 sats \ 3 replies \ @Undisciplined 12 Aug
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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21 sats \ 2 replies \ @Satosora 12 Aug
They dont want to open their eyes to their own failures.
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47 sats \ 1 reply \ @Undisciplined 12 Aug
People seldom question their beliefs, when their paychecks depend on those beliefs.
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47 sats \ 0 replies \ @Satosora 12 Aug
You are right. When you are chained to your weekly paycheck, you have to sit when they tell you.
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0 sats \ 0 replies \ @Satosora 12 Aug
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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0 sats \ 0 replies \ @Satosora 12 Aug
Its a lot of circles they run in. They keep making the same mistakes over and over again.
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