Why Economists Are Always Wrong
TRANSCRIPT AND MP3: https://www.corbettreport.com/economists/
The state of affairs in economics is not just embarrassing, it's downright perplexing. Economics is a science, right? It must follow some ironclad laws of the physical universe then, mustn't it? But somehow we always end up asking the same question: Why Are Economists Always Wrong?
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I have never heard of catallactics! Unsurprising, my spell check doesn't like that word. Whenever I'm asked why I don't participate in the stock market or have a 401k, my simple response is, "I don't like someone who I don't know, and doesn't care about me, gambling with my money." Instead, get out of debt, build your community and have a garden.
Thanks for another great video, I always value your insight.
I think you've identified the major philisophical difference between the Keynesians & Austrians. So Paul Krugman is an economist & Jeff Tucker is a catalactition? Fine work James, you may have changed the face of a major convetsation.
I studied economics at uni (which tellingly was part of the school of commerce and NOT SCIENCE). My background was science, and I was also doing a science degree. To me, economics was layer upon layer of more and more complex hypotheses, that were based on an initial fundamentally flawed set of hypotheses. I mentioned this realization to my lecturer and needless to say, I didn't pass the unit.
Economics isn’t a hard science as much as they want it to be. This means there’s always two sides of the coin that can both be right and wrong at the same time!!
Are you the real corbett report?
Humanity always has a bias, we all know the markets are not hard to understand but please look out for the people who believe to be enlightened! As they are usually wrong, economics is a very easy science in my opinion! I believe that the mainstream ones are always being manipulated by their bosses, as they wish to make people lose faith in monetary progress! That is my "conspiracy theory" (As fun as a Burglary theory!). :3
Once people understand that when they hear the word "markets" they're actually hearing "people earning & spending their money" it'll help them get a better perspective on what economist are talking about.
Maybe one reason economists are wrong so often is because they do not take into account the huge underbelly of the economy that involves illegal trade. LOL!
The catallactic system sounds so much better for us. In order for something like this to work people have to stop mindlessly listening to experts (not just economists).
We are too used to giving away our freedom and too lazy to think for ourselves as soon as an (expert) takes the stage. All an expert does is specialize in ONE thing (very few times more than one) and then pretend they know everything more than the rest of us.
But...oh well...let them continue to decide for us (into oblivion)...At least we have our football....
As always, you hit on a great point. Economics is poorly designed to be a science and it was never intended to be. The fact remains that it relies on rational decision making by consumers and policy makers. Unlike physical science, where actions can be repeated without differentiating. I talk about this extensively with my clients and with students when I speak. People are often not rational in their spending decisions and they are easily influences by outside sources not acting in the consumer's interest. The idea that war builds wealth is a great example of this - See "Broken Windows Theory". Thanks again for taking the time on the video. Well done.
Economists are not wrong. They are just a bunch of liars, and deliberately so.