the hubris of economics
Posted by ecoshift on November 6, 2009
The hubris of economics
Barry Ritholtz | Nov 4, 2009
Given the failures of the profession — failing to anticipate the worst recession in decades, missing the warping effect of the housing boom, not recognizing the credit collapse until too late — a damning indictment of the dismal science might have been more appropriate.
Perhaps I can be of assistance.
There are many areas I would have liked to see the Economics Crisis article explore: The lack of Scientific Method, the mostly awful performance of economists, its misunderstanding of the value of modeling, the bias inherent in Wall Street variant of economics, and lastly, the corruption of economics by politics. I will just touch on some of these; you can fill in much of the blanks yourself.
manderson said
One of the most frustrating things about media economic coverage is that it still goes for commentary to the people who should have seen this coming and didn’t. That, and that those same people are still in charge of the economic system. How many boom and bust cycles will we go through before someone wises up?