reply on: Economic Uncertainty: Is the Global Economy Heading for a Recession? \ stacker news ~econ

58 sats \ 10 replies \ @Satosora 12 Aug \ on: Economic Uncertainty: Is the Global Economy Heading for a Recession? econ

Headed? We are already knee deep in one. Look at inflation the last few years!

20 sats \ 9 replies \ @Undisciplined 12 Aug

Bob Murphy has a joke from the previous financial crisis:

"Not only are macroeconomists unable to predict recessions, they can't even post-dict them."

For all the economists working the system, they dont really seem to help during the recessions. And they are happening more frequently.

147 sats \ 7 replies \ @Undisciplined 12 Aug

There were so many times in our macro theory courses when we would ask each other "Is this really what they're doing?"

It's such a vacuous field of study, just dressed up in fancy mathematics to keep people from seeing through it.

49 sats \ 5 replies \ @TomK OP 12 Aug

Micro stuff was nearly banned in my times. Keynes was (still is) the god of these central planners

20 sats \ 3 replies \ @Undisciplined 12 Aug

Nowaday's they pretend their Keynesian nonsense is based in micro theory (micro-founded macro). Of course, they don't acknowledge any of the Social Choice Theory that proves the impossibility of aggregating preferences in any meaningful way.

21 sats \ 2 replies \ @Satosora 12 Aug

They dont want to open their eyes to their own failures.

47 sats \ 1 reply \ @Undisciplined 12 Aug

People seldom question their beliefs, when their paychecks depend on those beliefs.

47 sats \ 0 replies \ @Satosora 12 Aug

You are right. When you are chained to your weekly paycheck, you have to sit when they tell you.

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0 sats \ 0 replies \ @Satosora 12 Aug

I had micro and macro economics in college. I thought it was pretty useless. Just a bunch of fancy words people dont even need to learn.

0 sats \ 0 replies \ @Satosora 12 Aug

Its a lot of circles they run in. They keep making the same mistakes over and over again.