Hmmm…… I would argue that the incompetence is due to **BOTH** their methods and their incentives. It is a systematic failure of all they are involved in. They were chosen specifically because they conform best to the criteria of the state.

Rothbardian_fanatic

I'd argue though that the incompetence of government workers has less to do with their methodology and more to do with the incentive structures inside government 

SimpleStacker

econ

A Critique of Black Box Economics

OK, but it seems there are not a lot of analysts that are worth their salt, now-a-days in the state apparatus, which is our overlord. If their models were working worth a sh*t, we wouldn’t be having the problems we are having now. Especially, in the economic control agencies like the Fed and all of the other regulators.