The new issue of The Economist magazine has a cover showing a book titled “Modern Economic Theory” melting into a puddle of what looks like chocolate-coated vanilla ice cream, and with the caption “Where it went wrong – and how the crisis is changing it,” which refers to how nobody in their right mind trusts any egghead “economists” anymore, and even Paul Krugman, one of the worst of the worst of them, now admits that the last 30 years of macroeconomics as practiced by these econometric, computer-head lunatic savants was “spectacularly useless at best, and positively harmful at worst” which is still sugar-coating it, as far as I am concerned, and it has been disastrously, cataclysmically harmful in a huge inflection-point kind of way and the future will be dramatically different, as in Much, Much Worse (MMW). (more)
Tuesday, July 28, 2009
Don’t Trust Economists Over 30
The new issue of The Economist magazine has a cover showing a book titled “Modern Economic Theory” melting into a puddle of what looks like chocolate-coated vanilla ice cream, and with the caption “Where it went wrong – and how the crisis is changing it,” which refers to how nobody in their right mind trusts any egghead “economists” anymore, and even Paul Krugman, one of the worst of the worst of them, now admits that the last 30 years of macroeconomics as practiced by these econometric, computer-head lunatic savants was “spectacularly useless at best, and positively harmful at worst” which is still sugar-coating it, as far as I am concerned, and it has been disastrously, cataclysmically harmful in a huge inflection-point kind of way and the future will be dramatically different, as in Much, Much Worse (MMW). (more)
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