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by ecnal 3365 days ago
The vast majority of economics is not macroeconomic forecasting. That's somewhat akin to saying that computer science is about making email work.
1 comments

Sure. But the ones that were about macroeconomic forecasting totally fucked up. That's somewhat akin to saying that the IT department responsible for managing email is about making email work. Not such an unreasonable complaint any more. Particularly galling that we had "crazy" economists claiming that we were in a massive housing bubble which we should expect to burst back in 2006, while at the same time the economists at the Fed were saying, "Look at interest rates! Now is a great time to buy a house!" and coincidentally their mates from college were selling mortgage backed securities. So really its more akin to the IT department responsible for managing the email deliberately sending Nigerian fishing scams to their fellow employees along with the public message of "No, outlook is fine, just click on anything in your inbox!"