Are Economists Worth Listening To?
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 Lyons550  Shirley 18 Jul 18 9.57am |
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This article [Link] is yet another example of forecasts missing their mark. This is becoming a regular thing now; which begs the question what is the point of economic forecasting.. .unless you want to know what ISN'T going to happen!
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| Midlands Eagle 18 Jul 18 10.22am |
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The Office for Budget Responsibility reminds me of the Ministry of truth in 1984 as they are continually rewriting history
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 becky over the moon 18 Jul 18 12.42pm |
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Ought to be merged with the Met Office - they get it right about the same percentage too!
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| Beanyboysmd 18 Jul 18 1.21pm |
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Economists are generally the only people worth listening too in life as they have no agenda other than making money, they dont care about politics, race, creed, age or religion. Only how any of those things effect their money. The people who make the news based on what an economist says are generally the only people you should never trust. They have no agenda other than getting a reaction from people who care about politics, race creed age and religeon. Getting a reaction from any of those things are how they make money... Trust an economist but dont trust the media reporting it is the jist of post!
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| Badger11 Beckenham 18 Jul 18 1.22pm |
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Don't forget the IMF politicians love to quote them yet their record is pretty atrocious. If you have 9 economists you will get 10 opinions. Reminds me of The Sun on Grand National day when they have about 20 tipsters and then claim "it was the Sun what tipped the winner"
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| Lyons550 Shirley 19 Jul 18 12.03pm |
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Another day...another piece on the economy 'confounding' expectations [Link]
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| Rudi Hedman Caterham 19 Jul 18 12.55pm |
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If they were accurate all of the time they’d be making fortunes in the stock/futures markets.
COYP |
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| Brentmiester_General Front line in the battle against t... 19 Jul 18 6.19pm |
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Originally posted by Beanyboysmd
Economists are generally the only people worth listening too in life as they have no agenda other than making money, they dont care about politics, race, creed, age or religion. Only how any of those things effect their money. The people who make the news based on what an economist says are generally the only people you should never trust. They have no agenda other than getting a reaction from people who care about politics, race creed age and religeon. Getting a reaction from any of those things are how they make money... Trust an economist but dont trust the media reporting it is the jist of post! I know an economist who cares about all of the above that you list. They aren’t necessarily robots. Although they can come across that way sometimes.
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| YT Oxford 19 Jul 18 6.22pm |
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Originally posted by Rudi Hedman
If they were accurate all of the time they’d be making fortunes in the stock/futures markets. Maybe they predict one thing and bet on the opposite.
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PalazioVecchio  south pole 20 Jul 18 4.23pm |
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there are right-wing economists and also left-wing ones. the worst are those advising monsters like Hitler/Stalin/PolPot etc.
go back and look at massive turning points in Economic History, October 1929 Stock market crash, the abandonment of the gold standard, the South-sea bubble, the dot com crash etc ... in almost all cases there were loads of economists who failed to see the Elephant in the room
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| ddjdd Chichester 20 Jul 18 4.56pm |
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If you want your opinion on any economic matter to be based on a level of knowledge and understanding, then read and digest what economists have to say. Particularly with things like forecasts, error margins exist and mistakes are made because the world is a chaotic system, and any number of perturbations can occur to throw it off from what was predicted a year ago. If you disagree with what an economist is saying, don't ask 'are economists worth listening to?', that's ridiculous and helps no one, least of all yourself. Instead look at the assumptions they made in their work etc etc, and challenge the logic behind those. On the other hand, if you merely want to back up whatever your political opinion is, then just read opinion pieces from your favourite newspaper (These will have varying degrees of bias). Basically yes they are, and this is another stupid thread.
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| PalazioVecchio south pole 20 Jul 18 5.10pm |
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Economics tries to apply scientific methods to answer difficult big questions about large numbers of actors and forces. Go and read the Freakonomics books. An excellent introduction to the application of statistical principles to the real world. favourite example from the 'gun control lobby' in the US. Many more people are killed annually by swimming pools than by guns.
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