« on: June 22, 2015, 07:00:35 pm »
All I know is that a few people calling themselves Economists made some models and predicted in advance how the economy would behave under certain scenarios, like austerity measures in a liquidity trap.
The economy behaved as was predicted. That, for the most part, leads me to think someone knows what they're doing sometimes.
Now, there are other people calling themselves Economists who made theories, and then backed it up with some models, and made predictions, and were wrong. However, they did not go back and adjust their models to make sense of what happened, but instead doubled down on their theories.
That, for the most part, leads me to think someone has no idea what they're doing most of the time.