37 sats \ 4 replies \ @k00b 20 Aug \ parent \ on: Hilarious video to watch when you still take mainstream economists serious... econ
That's true. Some branches of economics are completely removed from macro stuff. I'd be curious what their prize is in, because if it's some macro sub-specialty, Peter is right to ridicule them. They should be able to draw some vague general insight from their specialty that might help them form an asterisked opinion at the least.
Well, Sims is a macroeconomist, so.... heh
I guess I'm coming from a place of personal experience. I'm an economist whose work deals with housing, but I get kinda annoyed when people ask me where the real estate market is headed. I can give you some general principles, but I don't spend most of my time looking at real time data to make forecasts, so I'm really not the right person to ask.
Still, you're right in the sense that I'll usually respond with some generic insights that touch on current events, or counts for financial advice. For example, if someone asks me if they should wait for the Fed rate cut to buy a house, I might tell them it depends on whether they're more constrained by their downpayment or by their income.
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I purchased a rental property in 2022 as a 1031 exchange. I already have buyer’s remorse. Not because it’s a bad property. I realize that I don’t want to be a landlord even a silent partner. My loan has an early payment penalty that expires next year. Otherwise I would put it on the market today.
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lack of on-the-spot regressions aside, I got something different out of the clip: Keynesians can't answer general questions on the spot because Keynesianism is a ass-backwards kluge "science" created in order to justify money printing.
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Macro economics is dangerous because much of it is speculation and assumption. I don’t mean financial speculation but academic or theoretical speculation
Edit:
Krugman won a Nobel prize for his contribution to international trade
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