Everything Economists Tell You is Wrong

by Warren Whitlock on February 13, 2010 · 8 comments

I do hope you don’t think I’m a wacko for the headline today. (there are so many other reasons that you might use that label though).

It’s just time I share a few thoughts on the futility of paying them much heed.

Here’s a list of a few of the misconceptions we get listening to economists

  1. The recession is bad, worse, staring, over (all their numbers lag)
  2. There is a record number of unemployed (many more employed that a few decades back)
  3. what the President says will affect the economy (only if you are a day trader)

Wacko enough for you? I’m just getting started.

OK.. to be fair, I don’t have enough data on any of the above to claim that I know any better than and economist In my defense, I don’t make a living telling you I do.

Here’s a wonderful film about Marilyn Waring, a woman who chose not to assume that the economist knew what they were talking about. Not some wacko.. a very nice lady.

Tagged as: global economics, marilyn waring, who's counting

Related Posts

  • No related posts found

  • Pingback: uberVU - social comments

  • http://weblogredux.com Hal Brown

    Love this quote:
    If all economists were laid end to end, they would not reach a conclusion.
    George Bernard Shaw

  • http://BestSellerAuthors.com Warren Whitlock

    Shaw would have go along fine with the boys over a Firesign Theatre where my favorite album title comes from

    “Everything You Know Is Wrong”

  • http://www.TipsOnWriting.net/blog Geoff Hoff

    Its after midnight. This movie is over an hour and a half. I'll have to come back. Why can't you just post sound bites???

    I'll be back to watch the whole thing.

  • http://BestSellerAuthors.com Warren Whitlock

    Sound bite “great movie, worth the time to watch it”

  • http://www.TipsOnWriting.net/blog Geoff Hoff

    This movie has quite disturbed me. (Yes, I came back to watch the whole thing.) It presents an endemic problem that has epic scope and near universal consequences. It presents the problem in a compelling way. But with all the battles that Ms. Waring has fought, as committed as she is and was, besides saving a mountain (not a small accomplishment) and a community, what has she been able to accomplish?

    I suppose the small bites are the ones that ultimately make the difference and I suppose I am just an impatient man who doesn't like waiting for the whole pie to be consumed. I'm an eat-it-whole type fellow.

    The notion of growth only being measured by economic gain, not by the cost of that gain, is an eye opener. I hadn't thought of that, mostly because I never really considered the whole notion of what GDP really meant.

    My first reaction was, what can I do? But I have always hated that question because it comes from helplessness and I am not helpless. What I can do now, I think, is to continue to be educated as the opportunity arises to be educated and to question the conclusions of the “experts” (which I do anyway, just on principle) then let that lead me to more powerful choices.

    I like the fish one better. It made me think, but it made me very happy. This one, so far, has made me sad. This, too, shall pass.

  • http://BestSellerAuthors.com Warren Whitlock

    How about a little reframing of this message? I found a lot of hope in Waring's mission. We don't have to accept what tradition hands us and the first step to change is to understand that you can :)

  • http://www.TipsOnWriting.net/blog Geoff Hoff

    You are right, of course. As I was writing it, I was attempting to reframe it for myself, to some small degree of success. I have been thinking about this all night and see that the first step (to paraphrase Bill W) is acknowledging the issue.

    Thanks.