In response to:

Don’t Trust Economists, Part II

Ed52 Wrote: Jan 28, 2013 5:24 PM
1. As has been said - If you laid out every economist in the world end-to-end they still wouldn't reach a conclusion. 2. With a population (a) willing to pay more for a bottle of drinking water than for the equivalent volume of gasoline and (b) refusing to appreciate the thousand-fold difference between a billion (~3.24 per US person) and a trillion (~3,240 per person) understandable economic discussions have to be done at the level of explaining why "There Ain't No Such Thing As A Free Lunch!" is true. There is always a payment by somebody at some level and at some time for whatever is being provided. If they don't understand that you're just confusing them with inconvenient facts and jargon.

Back in 2010, I shared a remarkable graph comparing the predictions of economists to what actually happened.

Not surprisingly, the two lines don’t exactly overlap, which explains the old joke that economists have correctly predicted nine of the last five recessions.

It’s not that economists are totally useless. It’s just that they don’t do a very good job when they venture into the filed of macroeconomics, as

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