TRANSCRIPT AND MP3: https://www.corbettreport.com/economists/
The state of affairs in economics is not just embarrassing, it's downright perplexing. Economics is a science, right? It must follow some ironclad laws of the physical universe then, mustn't it? But somehow we always end up asking the same question: Why Are Economists Always Wrong?
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I have never heard of catallactics! Unsurprising, my spell check doesn't like that word. Whenever I'm asked why I don't participate in the stock market or have a 401k, my simple response is, "I don't like someone who I don't know, and doesn't care about me, gambling with my money." Instead, get out of debt, build your community and have a garden.
Thanks for another great video, I always value your insight.
I think you've identified the major philisophical difference between the Keynesians & Austrians. So Paul Krugman is an economist & Jeff Tucker is a catalactition? Fine work James, you may have changed the face of a major convetsation.
I studied economics at uni (which tellingly was part of the school of commerce and NOT SCIENCE). My background was science, and I was also doing a science degree. To me, economics was layer upon layer of more and more complex hypotheses, that were based on an initial fundamentally flawed set of hypotheses. I mentioned this realization to my lecturer and needless to say, I didn't pass the unit.
Economics isn’t a hard science as much as they want it to be. This means there’s always two sides of the coin that can both be right and wrong at the same time!!
Are you the real corbett report?
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Once people understand that when they hear the word "markets" they're actually hearing "people earning & spending their money" it'll help them get a better perspective on what economist are talking about.
Maybe one reason economists are wrong so often is because they do not take into account the huge underbelly of the economy that involves illegal trade. LOL!
The catallactic system sounds so much better for us. In order for something like this to work people have to stop mindlessly listening to experts (not just economists).
We are too used to giving away our freedom and too lazy to think for ourselves as soon as an (expert) takes the stage. All an expert does is specialize in ONE thing (very few times more than one) and then pretend they know everything more than the rest of us.
But...oh well...let them continue to decide for us (into oblivion)...At least we have our football....
As always, you hit on a great point. Economics is poorly designed to be a science and it was never intended to be. The fact remains that it relies on rational decision making by consumers and policy makers. Unlike physical science, where actions can be repeated without differentiating. I talk about this extensively with my clients and with students when I speak. People are often not rational in their spending decisions and they are easily influences by outside sources not acting in the consumer's interest. The idea that war builds wealth is a great example of this - See "Broken Windows Theory". Thanks again for taking the time on the video. Well done.
Economists are not wrong. They are just a bunch of liars, and deliberately so.
”It’s a big club and you aren’t in it” … and when it comes to Economics as explained by the Economists... “It’s a complex science and you can’t possibly understand it"….. and the fact that non-members of the CLUB keep losing out, well, I guess that’s just the science of chance?
Cattalactics is a term I’d never before heard, but when it comes to the Economics Cup Final, Competition v Cooperation I’m chanting my lungs out for the underdogs …..
Come On You Co-Ops.
On behalf of an appreciative world …. Thank you James Corbett
Well it should't surprise me that I would learn about this very interesting word from an english major. Cattalactic, if my memory spelled it right. I shall try to baffle people with that one. Very important word for the anarchist community. Also as an engineer I like the point about economists being engineers. Thanks James. Upvoted & resteemed.
When I was in grad school I had an economics professor that reminds me of this sort of thing. He didn't appear to have any idea what was going on in the current markets but knew the books inside out. This is probably why they've said that one of the most repeated phrases of the 2007-08 financial crisis was "I never thought that could happen!".
I asked my cat about catallactics, but he just wanted fish
Sad part of this post, it was a true story ! Or in an economic sense, demand (meow) and supply.
wow....dear your great post....
i love this post...
& i love dtube...
thanks for sharing.....
dear lovely friend @corbettreport..
i just #resteem & @upvote done
Thank you for sharing that information, very useful for us all that
well i dont really understand all these thing that clearly
wow,,,what a lovely post it is...its also very informative post...so thanks for sharing,,,keep it up
important something like this might help a lot
if they really knew what was going to happen in the economy with any certainty then they would be billionaires and not economists.
Another insightful, thought-provoking denunciation of the absurdity of our system. Thanks James!
So good I had to resteem it. Something everybody should watch.
I was economics major when I was studying at the university. All of the economic theory is very far-fetch and none of them is practical. The marriage of economics and the mathematics has created more distortion for the subject. Economists favors on general equilibrium and ceteris paribus assumption, but none of them hold in reality. It is more like chaos theory is the common theme of our existence. Furthermore, current economists subscribe to the folly Keynesian school of thought, which had caused so many crisis after crisis. If somebody asks me to learn the economics all over again, I flat out refused. I wanted to unlearn it. It is outdated and most modern economic theories are too abstract and not applicable to this world.
Cattalactics? Is that another lexicon for the barter system? The barter system is old as the humanity existed. It sound a bit weird to say Cattalactics or Cattalactists as supposed to oikonomikos or economics/economists. Anyway whatever you want to call or coin the term, it is your prerogative and no harm, no foul.
Whether Keynesian or Austrian economics that one subscribes to, they do not hold forever. As Joseph Schumpeter's creative destruction is the norm, it is GIGO (garbage in, garbage out).
Economics = Pseudoscience. In America its the most disgraceful thing imaginable, as rather than being a measure of economical activity as is claimed, economics are rather the means used by our government and financial institutions to lie to the public about the true state of our collective society. Notice how economists in the U.S are constantly touting low unemployment rates, yet the data both economists and the government use to denote the level of unemployed actually excludes the majority of those who're unemployed. Once your unemployment benefits run out, you're not considered unemployed, and as far as the government is concerned, you no longer exist in terms of economics data.
We have a population of a little over 323 million people, yet only 125 million are in the U.S workforce today. That leaves 198 million more individuals. Even if you discounted those who are of retirement age, not old enough to work, and those who are disabled, there's still at least 75 million U.S citizens who are not employed, yet of working age and decent enough health to actively be in the workforce. The current U.S. unemployment rate is stands at just 4.1%, but if that data were to include those who're of working age and not in the workforce, the numbers would be more like 40%.
Economics is literally used as a means to keep monetary systems stable by painting a false picture of stability in an environment where stability itself is practically non-existent. As is stated in the video, "The dream of the economists has always been to be the engineers of the new order, in the service of their natural employers"; hence, the government and central banks.
My take on all of this...Its not that economists are bad predictors, or that they're bad at making predictions and calculations, but the real issue at hand is their purposeful intent to lie about the facts surrounding the true state of our collective economy. I read an article on Bloomberg a few months back where an economist admitted that a very large portion of America's working age populace were not in the workforce, in which he proceeded to state, "What are these people doing, why are they not working?" He knows why, but he chooses to play dumb, because its his job.
If the economy were as wonderful as the government and economists state it is, then why do only 1 in 5 people have jobs here in St Louis where I live, why have we lost tens of thousands of businesses in less than 2 decades, and why are people here killing each other for food? We're all being lied too, and sadly, much of America, even those who live in poverty are dumb enough to buy into the lies of economists.
The facts speak for themselves, if 99% of the U.S population were dying of starvation, the economists would still continue to report about how wonderful the economy is.
As for catallactics, this denotes a certain mindset, not an actual state of affairs. The "Economy" as we call it is still controlled by the banks and the government, as is the majority of our society's wealth, not by the general populace. Its the golden rule, he who has the gold rules. Anyway, Nice video!
Krogmen! What a duschebag! Great video.
Those three guys in the picture aren't "analyzing data" but rather enforcing an agenda. It's not that economists are always wrong, it's that policy isn't being carried out according to credible economics, it's being carried out according to corporate propaganda. If you ask a real economist what to do first, the answer will be to cut national debt. Until we start listening to actual economists nothing will change.
Paul Krugman thinks that we should pretend that aliens are going to attack that this way we can get out of this dead economy. So his answer is to solve a debt problem with more debt? I love how they talk about negative interest rates as if they are something that is real. This really is crazy and do you know when I try to tell people this they don't listen or their eyes glaze over. It is so frustrating to know things and no one will listen. I am a Cassandra.
James -- on dtube you give your work away and are paid for it -- by sharing you are being rewarded with steem. Think about what you do on the web?? U do the opposite -- on the web and your website you hoarde your information and charge people so you will share with them and thus less people have access to you. This is why I love Dan Larimer and his projects --- STEEMIT gets it, by giving you get and those that give what most like or find useful will get the most. I love it.