Friday, August 16, 2013

Economics–It Isn’t Called the Dismal Science for No Reason

Forbes has a good article on why America doesn’t need monetary policy, or  economists. More damage has probably been done to our economy and our markets by attempts to centrally plan our economy than could ever be done by leaving markets to their own devices. From the article:

Let’s be blunt. Whatever economics is, it is not a science. Unlike physicists, who can predict an asteroid’s closest approach to earth within a few miles when it is still 100 million miles out in space, economists can’t accurately predict this quarter’s GDP. Indeed, they are still arguing among themselves about what “really” happened 83 years ago.

In light of the economics profession’s track record, it is hilarious to hear pundits and politicians say things like, “Most economists agree…” as if this mattered.

Read the whole thing.

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