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RE: Why Economists Are Always Wrong

in #economics7 years ago (edited)

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 It is outdated and most modern economic theories are too abstract and not applicable to this world.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).