When Did Lying Become Acceptable? Part 2

June 11, 2009

Thanks to Russell Roberts of Cafe Hayek for the link to Steve Chapman’s column, Baffled by the economy? Don’t listen to economists.  I agree.

As Nassim N. Taleb points out in his book, Fooled by Randomness, we often view the skill of economists, or any expert for that matter, as the same type of skill a dentist has with fixing toothaches.   But, it’s not the same type skill.

Economists have no skilled in the areas we  think they do or should, such as predicting GDP growth.  We should know this.  Economists should know this, but too many economists don’t.

Then they wind up saying stuff like, “accelerating stimulus spending this summer will create or save 600,000 jobs” with as straight a face as a witch doctor chasing the bad spirits out of an ill tribe member with chants and meditations.

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