
God Invented Economists To Make Astrologers Look Good - yesplorer
http://www.forbes.com/sites/eamonnfingleton/2013/10/13/god-invented-economists-to-make-astrologers-look-respectable-so-why-do-economists-get-all-the-nobels/
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od2m
Economics as a profession has been captured. Mainstream economics exists to do
nothing more than justify the behaviour of politicians with the veneer of
science. Keynesianism/Chicago school is simply not descriptive of reality, and
when viewed through the lens of proper economics, is actually the transfer
mechanism of wealth from the lower to upper classes: "Look, our best
economists say we need to keep acting irresponsibly which just happens to
enrich our wealthy benefactors!" Krugman is the highly decorated king of these
idiot keynesians.

Austrian economic theory is much more descriptive of reality (although
probably not fully descriptive), and yet is cast as voodoo science because if
followed correctly there's no opportunity to steal from us through debt and
inflation: Government debt is bad, expansionary monetary policy is bad, most
economic interventions will lead to unintended consequences worse than the
original problem.

When I talk to young economics graduates, many have never even HEARD of
Austrian economic theory, let alone studied it in college. At some point in
the future, this era will be looked back upon as a dark time in economics in
the same way that the medical profession now looks back at seemingly valid
theories at the time of "bad humors" causing disease. Our descendents will say
"We can't believe those idiots thought they could just print money and spend
themselves into debt and there would be no long term consequences."

The king has no clothes.

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spindritf
> On past form, the winner will be an aging Anglophone, Caucasian male. He
> will also probably be a dangerous crank.

So... much like the author of this rant?

It's a cute quip in the title but there's nothing more to that article. Mood
affiliation in its pure form.

And Krugman is the notable exception? The guy who cheered the real estate
bubble on?

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jboynyc
This column mentions Ha-Joon Chang, a great commentator on the discipline of
economics from the inside. I really enjoyed this recording of a talk he gave
at the LSE:
[http://www.lse.ac.uk/newsAndMedia/videoAndAudio/channels/pub...](http://www.lse.ac.uk/newsAndMedia/videoAndAudio/channels/publicLecturesAndEvents/player.aspx?id=1584)

That definitely has more substance than the submitted piece.

