Economics has met the enemy, and it is economics

[Uncle Sparky]

My favorite part is that you have no idea why this demonstrates that ratex and emh (two related though separate concepts which the opening article woefully confuses) are such strong models of human behavior.

IIRC, when points were assigned 10 years later - the CEOs and Garbagemen almost tied, the economists came a distant third, and the former Finance Ministers, basically, failed.

Thank you for the info on ratex and emh (well, no info really, just throwing out the words). Are they like smart dustmen and garbagemen?

[Ben Kenobi]

IIRC, when points were assigned 10 years later - the CEOs and Garbagemen almost tied, the economists came a distant third, and the former Finance Ministers, basically, failed.

Thank you for the info on ratex and emh (well, no info really, just throwing out the words). Are they like smart dustmen and garbagemen?

If the core of economics was understanding of human nature and self interest, we would expect the common man to understand it better.

Or are you arguing that the common man cannot be trusted to understand economics?

[KrazyHorse]

IIRC, when points were assigned 10 years later - the CEOs and Garbagemen almost tied, the economists came a distant third, and the former Finance Ministers, basically, failed.

Thank you for the info on ratex and emh (well, no info really, just throwing out the words). Are they like smart dustmen and garbagemen?

No, they are reasons to believe that directional predictions of various financial observables like inflation, fx rates etc are garbage.

[Kidlicious]

If the core of economics was understanding of human nature and self interest, we would expect the common man to understand it better.

Or are you arguing that the common man cannot be trusted to understand economics?

I think he means it's bull****.

[Fake Boris]

Economy is, or soon will be, undergoing the same crisis that struck philosophy in the 18th century, i.e. the question of the factual reality of rational a priori statements.

[Elok]

Except that, when it happens to economics, somebody might actually care.

[Kidlicious]

Economy is, or soon will be, undergoing the same crisis that struck philosophy in the 18th century, i.e. the question of the factual reality of rational a priori statements.

Don't count on it. There's no crisis because no one cares about truth, only politics.

[Fake Boris]

Except that, when it happens to economics, somebody might actually care.

It was a major event, and sealed the distinction between philosophy and theology, and on the other side empirical science.

[Elok]

I bet they reacted in much the same way as we reacted to the recent death of Amy Winehouse: "Damn, it took long enough."

[Fake Boris]

Don't count on it. There's no crisis because no one cares about truth, only politics.

The same could have been said of Scholastic, and yet over the course of the centuries it ended up being discredited.

[Fake Boris]

I bet they reacted in much the same way as we reacted to the recent death of Amy Winehouse: "Damn, it took long enough."

No. Remember that in those days a large majority of the European population was illiterate, and the literate minority did care about philosophy. Having studied it was sort of a social status symbol.

[Elok]

Oh, so it was more like when Sharper Image went out of business. Got it.

[C0ckney]

[Fake Boris]

Oh, so it was more like when Sharper Image went out of business. Got it.

Your trolls are funny, but you should show that you understand what you're talking about to make them even better.

[Kidlicious]

Boris,
I'm not exactly sure what you're taking about with reference to philosophy. Could you point me in the right direction. How do see economics changing and what will it become. Do you know what kind of people become economists? The thing about economics is that economists have complete control over it. Economics is exactly what they want it to be and so it will be in the future