November 9, 2016

There is NO such thing as an economic expert

Comment on Sandwichman on ‘Welcome to the Amusement Park at the Edge of the Abyss’

Blog-Reference and Blog-Reference Nov 9 adapted to context

Sandwichman comments on the pre-election discussion: “The experts were not even wrong. They didn’t know what they were talking about.”

This presupposes that there exist experts who know how the market economy works. This is NOT the case.

“In order to tell the politicians and practitioners something about causes and best means, the economist needs the true theory or else he has not much more to offer than educated common sense or his personal opinion.”
(Stigum, 1991)

Economists do NOT have the true theory. Both Orthodoxy and Heterodoxy is provably false.#1 Economists are scientifically incompetent, their policy guidance has no sound theoretical foundations and is at best worthless.

It is NOT AT ALL a question of right-wing or left-wing. The representative economist does not know what he is talking about ― it is just proto-scientific garbage and personal opinion.

Egmont Kakarot-Handtke

#1 For details see
► How economists murdered the economy and got away with it
► Unemployment is high because economics is false
► Economics: a science without scientists
► Enough! Economists, retire now!

Related 'Just for the record: economics is dead' and 'The general theory of scientific incompetence' and 'A basket of scientific deplorables' and 'All models are false because all economists are stupid' and 'Outside of science' and 'Dead men tweeting' and 'Krugman and the scientific implosion of economics' and 'It is better to be precisely right than roughly wrong' and 'Krugman is not an economist' and 'Feeble minds, shaky assumptions, and the inevitable failure of economics' and 'Heterodoxy, too, is scientific junk' and 'Economics: ‘a tale told by an idiot, full of sound and fury’?' and 'Economists and the destructive power of stupidity' and 'New economic thinking, or, let’s put lipstick on the dead pig' and 'Where economics went wrong' and 'There is no scientific elite in economics' and 'Schizonomics' and 'Economists cannot do the simple math of profit — better keep them out of politics' and 'Economics as storytelling and entertainment for the masses' and 'Econogenics in action' and 'Econogenics: economists pose a hazard to their fellow citizens' and 'Macroeconomics: Economists are too stupid for science' and 'Macroeconomics and the fake History of Economic Thought' and 'The demise of phony experts: macroeconomics is provably false' and 'First Lecture in New Economic Thinking'.