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.

Yes all economists are stupid and only the hexbears understand economics.

New site tagline

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.

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.

good to have confirmed tbh

Richard Wolff made a great point when he said that capitalism has two college departments dedicated to teaching about it: One is called economics, whose purpose is to train people on how to cheerlead the system using purely hypothetical concepts. The other is called business school, and it exists because economics departments don't actually teach somebody how to administrate capitalist enterprise, so they have to educate different people on how to actually make the system function.

thanks

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