Long gone are the days when economists thought deeply about how life actually works. Adam Smith, Adam Ferguson, Anne-Robert Turgot – the great "moral philosophers" – all died hundreds of years ago. Since then, the trade has gone bad. They're all numbers guys now. An economist, of the modern variety, is a statistician...an extrapolator...and a mountebank. If numbers go up two months in a row, he predicts they will go up another one. He rarely stops to ask whether his numbers really make any sense.Bill Bonner on Bubble Deniers.
Ram and Goat (1)
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Interpreting prophetic scriptures is a tricky task, so when you make a
mistake, you should admit it. Especially if you have put it in writing. I
will exp...
1 day ago
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