patrick.net

HunterTits says

Krystal Ball

Karnac

The problem with economics is that all of their models, unlike those used in the physical (i.e. REAL) sciences, cannot make use of the ergodic principle (i.e., cross-sectional models are equivalent to cohort longitudinal models). The reason why is simple enough - physical processes are based on the constraining laws of the universe, while economic systems are by and large pure made-up bullshit.

Yes - "Trust the Science" of economics.

But even that equation he wrote is still absolute complete garbage

Another Trump trap (probably inadvertent...)

Had to look it up: MMT = Modern Monetary Theory

Economists explain the events of the recent past which they could not predict, and never could.

rocketjoe79 says

I ask myself:

Why aren't all Economics professors and PhD's billionaires?

Monkeys with a dartboard do a better job of predicting markets. Chaotic systems cannot be predicted, except for boundaries.

"Where are the customers Yachts?" - Fred Schwed
https://www.amazon.com/Where-Are-Customers-Yachts-Street/dp/0471770892?source=patrick.net

Published over half a century ago and still relevant.