Comments on: Why economists are part of the problem

By: Ben_Edes

Ben_Edes — Tue, 26 Oct 2010 06:19:16 +0000

“Economics, as a branch of the more general theory of human action, deals with all human action, i.e., with mans purposive aiming at the attainment of ends chosen, whatever these ends may be.” Ludwig von Mises

By: Moionfire

Moionfire — Mon, 18 Oct 2010 00:25:14 +0000

Economics is a social science, not a natural science or humanity.

By: xodarap

xodarap — Sun, 17 Oct 2010 13:56:30 +0000

Seriously, No! Economics is not a science!
Economics may indeed be a “discipline”, a profession even, but then so is the Christian priesthood. To me there are too many parallels with religion.
There is a ‘Holy’ [sacrosanct anyway] Trinity of Father Capital, Money [Dollar Bill The $on of God], and Market the “unseen Hand” which guides and comforts us and IS NEVER WRONG. ….. Amen …

There is a chant of faith:
“Hail Banks, Mothers of Money; Blessed art Ye amongst companies!”

There is a creed: Money is the measure of all things so “Time is Money” and Competition is the Sacred Duty of all men. Economists, accountants and lawyers have to be in charge of the world because they are the only people who truly Understand the Sacred Truths.

Those of us who really want our species to survive, recognise that this asinine madness of mercantilism has to be subdued. We have to speak the truth about the world because time has run out. [past tense] If we change now and do what is needed then we can make this planet livable for everybody. But this cannot happen without compassion, democracy, ethics, and scientific method being embodied and manifest in all social organisations and projects. The writing is on the wall folks: “Shape up or die out!”

By: yr2009

yr2009 — Wed, 13 Oct 2010 17:33:34 +0000

Seriously, is Economics a science?
If so, how come its predictive value is very often not better than that of flipping a coin?
Is there an explanation to the fact that over years, only a handful of economists noticed the formation the biggest economic bubble in history, and even fewer predicted that it would burst?
Such examples are abundant, so let’s agree to call Economics a Discipline, or a Profession, and toss the idea that economists’ have a way to see the future, or even the present… and that what an economist says is little more than their opinion, founded on some facts, and strongly influenced by personal beliefs.

By: gramps

gramps — Wed, 13 Oct 2010 17:13:00 +0000

..economists and the Fed are the problem and how well the people know it..

By: Bob490

Bob490 — Wed, 13 Oct 2010 17:05:18 +0000

Wow…how ironic! On many of these posts, if I replace “economics” with “global warming”…an interesting picture emerges.

So I guess we should say…it’s okay to “trust” scientists with their views on the science of global warming, but it’s not okay to “trust” the economists with their views on the economy. Guess we’re just lucky these altruistic scientists are morally superior to those evil economists who look out for only themselves. I feel so much better now…

By: robecon

robecon — Wed, 13 Oct 2010 11:25:16 +0000

I was enrolled in a PHD program in economics in the early 1990′s. I learned, much to my dismay, that such institutions of higher learning were not focused on discovering the truths that would make society work better for its citizens, but to put forth programs that would continue to gain financial support from government and business. Above all else, it was vital that they not turn out PHDs who would put forth theories that would upset the gravy train wherebye government could spend whatever necessary to expand and spend what is needed to get re-elected and that business could justify legislation that would increase market share and profits in the short run. So the conflict of interest begins in the universities where these economists are trained. If one is not willing to trade truth for advancement and or profit, one can not even get a PHD from many of our institutions of higher learning. Thank you Mr. Ferguson for raising this so important issue!

By: Pete_Murphy

Pete_Murphy — Wed, 13 Oct 2010 10:56:18 +0000

Not even mentioned here is the role of the Fed in squelching any economic research that is not in lockstep with its agenda. Since economics journals are heavily dependent on grants from the Fed for funding, research which refutes Fed policy never sees the light of day.

By: dedalus

dedalus — Wed, 13 Oct 2010 02:29:26 +0000

I love it, especially the attention paid to consulting firms like Lexecon, Navigant, Chicago Partners, etc. that employ moonlighting university professors to provide “expert” testimony (in courtroom juries or television audiences) for whomever will pay their fees. They need defrocking.

By: mswusun

mswusun — Tue, 12 Oct 2010 19:35:38 +0000

where’re their ethics and marality?
they second and furnish the theoretic basis to cater for the financial institutions’ risky business practices. any of them be blamed for their faults?