this post was submitted on 12 Oct 2024
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Are economists just stupid and truly not understand that inflation "cooling" is a worthless indicator? Prices don't go down.
It's truly absurd. People who are actually getting consistent raises are often only getting 2-3% raises. Meanwhile rent is going up 5-20% a year and food prices are up (according to the sources I'm seeing when googling, honestly it feels worse than this to me) like 25% since 2020 which is an average of over 5% increase a year.
With consistent raises my real income is consistently lower every year. I'd like an economist to explain why I should be happy about that.
But they're rising slightly less fast!
Everyone has a part to play in the spectacle.
Yes all economists are stupid and only the hexbears understand economics.
Imagine your house is on fire.
The fire department tells you that the fire has stopped spreading and is now contained.
An economist would tell you that this means the house is safe and you can go back inside.
It's pretty safe to say that people who are continuously wrong about everything and fail to predict economic crashes that happen like clockwork might indeed be kind of stupid.
Well, we don't deny the reality in front of our eyes. I'm sure for rich economists that get published in the news and in journals, things look dandy to them.
New site tagline
good to have confirmed tbh
It's not so much "all economists are stupid", but it is definitely "for the past half a century neoliberalism has been pushed as the only socially and academically acceptable form of understanding economics, it's been the only framework of economics that gets taught in universities in the western world, and neoliberalism is a dogma cult whose most basic axioms are wrong, which is why it consistently fails to predict economic trends and in particular crises and to produce policy to adequately tackle them. People who go outside neoliberalism, such as Post-Keynesians or Marxian economists, aren't taken seriously in academia or in media, aren't given research or teaching positions, and the cycle perpetuates."
For examples of this, see empirical evidence of how rising minimum wage doesn't produce inflation or reduce employment, how price limits don't necessarily lead to shortages, how creation of money doesn't generally create inflation, how government debt is a useless parameter to measure the well-being of an economy, or how the biggest countries in the EU have stagnated for 15+ years of austerity policy without recovering the GDP per capita of 2008 while China consistently breaks growth expectations despite its economy being predicted every two years to crash the following year.
A fair distinction, but on the other hand, I’m friends with someone with a marketing degree, and they were doing puzzles and coloring in their senior level classes.
.... is this hyperbole?
No, their first team building exercise was splitting into groups and completing a puzzle together. His group did not finish.
the lines were drawn together too closely
Don't forget the third one, military, used when people reject first two.
The immortal science of Marxism wins again
“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”
― Upton Sinclair
truth