03 July 2012

Incompetent Economists

In the early-mid 20th century, economists stopped listening and began commanding. Instead of trying to understand how economies worked, they started to tell them what to do.

And now, economists are almost all mountebanks and scamsters. They pretend to know what they don’t know at all. And they pretend to be able to do what they can’t do. They meddle. They interfere. They make precise estimates and forecasts. They make pompous judgments. They almost sound like they know what they are doing.
Bill Bonner on Incompetent Economists.