Tuesday, January 13, 2009

Hammering the economists

Sorry, I just can't let it rest. I know the recession hasn't really started to bite here but it will. Then we will wonder why we weren't warned earlier — a lot earlier. Economic commentators are one thing — I know some people might find this disturbing but very often commentators are just pimps for the industry, or naive, wild-eyed boosters. But economists, professionals advising banks and governments, should have a handle on the real world. And have they? IMHO with very few exceptions, no. This is shown by the chorus those who want to stimulate us out of the recession ie. shovel more coal into the Titanic's boiler after it's hit the iceberg.

Anyway there's an interesting article at Naked Capitalism discussing the teflon conscience of the economics profession.

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