Monday, April 22, 2013

Hale Stewart — Why Does Anyone Listen To Conservative Economists Anymore?

Here's the bottom line with all of the above individuals. While they've all proven themselves to be highly educated individuals with impressive credentials, they all share another, less-flattering common trait: they've all be universally wrong in their predictions and prognostications regarding the current recovery. As NDD [New Deal Democrat] pointed out on Thursday, this makes their basic profession a philosophy, not a science. In most other disciplines, this record of inaccuracy would mean their advice was no longer sought. However, they still have an audience and, most importantly, still exert an influence over policy proscriptions. The money question is now, "why are people seeking this advice when they have been this wrong?" 
The Bonddad Blog
Why Does Anyone Listen To Conservative Economists Anymore?
Hale Stewart


Tyler Healey said...

"The early 1980s recession was caused by the Fed increasing interest rates to kill inflation..." - Hale Stewart

"Paul [Volcker] put on what might be the largest display of gross ignorance of monetary operations with his borrowed reserve targeting policy. However, a year or so after the price of oil broke as did inflation giving tall Paul the spin of being the man who courageously broke inflation." - Warren Mosler

Roger Erickson said...

"Why Does Anyone Listen To Conservative Economists Anymore?"

Same reason the chicken made it half-way across the road?