most economists come from one of the following:
- government front man
- political priesthood
- Keynesian apologist
- brokerage harlot
- corporate nuisance
- research institution gadfly
- academic quack
"A Statistician's Indictment of Economists:
12 Counts of Incompetence, Deception, Collusion"
by Jim Willie CB
August 21, 2003
financialsense.com
COUNTS WITHIN INDICTMENT:
1) Ignorance and Revision of History
2) Intellectual Support of an Intervention Policy
3) Disputable Assumptions used as Policy Foundation
4) Myopic Statistical Analysis Methods
5) Incomplete Statistical Analysis System
6) Legislative Divisions to Promote Political Agendas
7) Institutional Conflict of Interest
8) Distortion in Economic Reporting
9) Pursuit of Public Adulation by Fed Chairman (Pied Piper)
10) Collusion with Corrupt Financial Power Elite
11) Deceptive Indoctrination of Economic Definitions
12) Benign Negligence during Pillage of National Gold Treasure
While economist capabilities are generally competent, an acidic vein runs through much of their work. Vibrant statistical lifeblood has been largely displaced by political inspiration. Work might frequently be described as analytically shoddy, deceptive in representation, and clinging to heretical and discredited methods. Overtly misleading aggregate statistics are now routinely disseminated as part of their (witch)craft. Lately, psychological defensive fronts have been opened, which employ “1984-like” group-speak to deceptively redefine economic terms. Has Political Correctness now infected economics?
This indictment is not intended as humorous, nor as legally binding. Before citing the 12 counts in detail, I will expand upon three critical background factors which create conditions ripe for exploitation by this bungling and largely inept profession. The scientific method is not an integral weapon in their arsenal. The nature of economics renders deficient policy nearly impossible to disprove. Most challenges degrade into a useless political debate. Illiteracy among the public leads to submission, silence, blind trust, desperation, and surprisingly deep commitment of capital in the form of life savings. The public either accepts the system for what it is, or distrusts it while feeling helpless, commitment notwithstanding. Academia has built an economist ivory tower with the majority of paths more political than analytical. The eyes of Nobel are very much aware, shunning their heretical enclaves. The leading academic economist communities have mutated into political priesthood, hawking ideology every bit as much as Karl Marx. After delineation of the charges, a conclusion is offered as Friends of the Court are cited. Their numbers are few, but their economic forecasting efforts are as significant and expert as they are unwelcome and accurate.
(Stephen Roach, Bernstein, Sullivan, Gross, Krugman, Wyss, Kasriel, Sohn, Puplava, Batra)
/ jim |
