Why I’m Convinced “Economics” Is A Bunch Of Voodoo Gibberish Run By Wizards With A Roulette Wheel
Posted: 11 July 2012 08:21 AM   [ Ignore ]
Sr. Member
Avatar
RankRankRankRankRankRankRankRankRankRank
Total Posts:  3024
Joined  2010-04-26

According to MarketWatch, the economy is in for a correction.

Also according to MarketWatch, the economy is heading for improvement.

The stock charts don’t lie people!

 Signature 

“In the end nature is horrific and teaches us nothing.” -Mutual of Omicron

Profile
 
 
Posted: 11 July 2012 08:43 AM   [ Ignore ]   [ # 1 ]
Administrator
Avatar
RankRankRankRankRankRankRankRankRankRank
Total Posts:  15302
Joined  2006-02-14
Dead Monky - 11 July 2012 08:21 AM

According to MarketWatch, the economy is in for a correction.

Also according to MarketWatch, the economy is heading for improvement.

The stock charts don’t lie people!

Just to be clear, this isn’t economics. It’s so-called ‘technical analysis’ or chart-reading.

 Signature 

Doug

-:- -:—:- -:—:- -:—:- -:—:- -:—:-

El sueño de la razón produce monstruos

Profile
 
 
Posted: 11 July 2012 08:51 AM   [ Ignore ]   [ # 2 ]
Sr. Member
Avatar
RankRankRankRankRankRankRankRankRankRank
Total Posts:  3024
Joined  2010-04-26

True enough.  But my ‘point’ remains valid.

 Signature 

“In the end nature is horrific and teaches us nothing.” -Mutual of Omicron

Profile
 
 
Posted: 11 July 2012 08:56 AM   [ Ignore ]   [ # 3 ]
Administrator
Avatar
RankRankRankRankRankRankRankRankRankRank
Total Posts:  15302
Joined  2006-02-14
Dead Monky - 11 July 2012 08:51 AM

True enough.  But my ‘point’ remains valid.

I don’t agree. Some economists are quite good at what they do. But like any social science, it suffers when compared with physics. Still, one has to start somewhere.

 Signature 

Doug

-:- -:—:- -:—:- -:—:- -:—:- -:—:-

El sueño de la razón produce monstruos

Profile
 
 
Posted: 11 July 2012 10:42 AM   [ Ignore ]   [ # 4 ]
Moderator
RankRankRankRankRankRankRankRankRankRank
Total Posts:  5166
Joined  2010-06-16

As the old quotation goes, “economists correctly predicted nine of the last four recessions.”

One problem is undefined complexity.  Some of the world markets and societies actions as so subtle or unexpected that even the best economists can’t include them.  This causes economic forcasts to be about as accurate as long term weather forecasts. 

Another problem is that many of the most quoted “economists” have some biases and work for institutions with a particular view so they tilt their statements toward their desires and often away from reality.

Occam

 Signature 

Succinctness, clarity’s core.

Profile