In response to:

Don’t Trust Economists, Part II

kbielefeldt Wrote: Jan 28, 2013 8:08 AM
Economists proudly claim that humans act rationally in their own self interest. How can we trust them to promote theories that are best for society over theories that result in higher pay for themselves personally?
FletchforFreedom Wrote: Jan 28, 2013 10:53 AM
Not quite. Human beings invariably act in what they perceive to be their own interests but individuals act irrationally all the time. In the aggregate, CONSUMERS are said to act rationally, based on the information available because informed people act rationally far more often than not.

Ignorant people often act irrationally and against their own interests ... as the relection of Obama demonstrates.
Auspex Wrote: Jan 28, 2013 4:33 PM

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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