I swear, these econometricians are brainwashed to never see the forest from the trees which only makes Black Swans a common species.
Ever consider the dire and daunting entitlement program problems the country has? That ever factor into your little freaking economics model?
Honest to god, I just need about 1 billion of me cloned and I could take care of the rest.
3 comments:
Oh, great. The rate of new unemployment applications is slowing. As if somehow the economy has some kind of physical inertia.
Unlike a pendulum, the economy can reach the peak of its arc, start swinging back, then suddenly reverse its motion right back to the peak of the arc, and beyond. There is no physical momentum in money.
The study of economics used to include economic history and some social aspects as well. As an example, one of Adam Smith`s book was called the Theory of Moral Sentiments. Smith was very aware of the importance of morals in a capitalistic society.
Currently, most Universities have reduced economics to the study of various mathematical models.
It is important to understand many countries in the past have defaulted on their debt obligations. Every paper currency eventually becomes worthless paper.And dilution of the money supply is very common government tactic.
None of the modern day economists talk about any important issues. Instead they try to predict next months unemployment numbers. It is time for Universities to upgrade their study of economics programs.
@Anonymous: I'd bet you $20 I have probably read more of the economic literature than 70% of current economics majors. That makes me sad.
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