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Old 09-28-2011, 08:20 PM
 
1,140 posts, read 1,921,769 times
Reputation: 1709

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Here is a good article explaining the mindset of economists/analysts/politicians types - looking for theory to that can explain all of human behaviour, and extrapolating data to suit their opinions, knowledge and mindset.

I mean most of the guru economist types on TV probably don't understand the how the computer at the there desk works - never mind being able put every possible piece of information together to predict the future, and understand their entire economy. Is it likely that someone use struggles with a simple task - is able to understand everything. If you really too an economist and asked them explain the details of one particular

Why Economists Missed the Crises | The Big Picture


Has vagueness, and talking in the overview - become the norm in our society - we also have a corporate management culture where sitting at your desk all day in the norm, and getting out and seeing what is really happening is shunned upon.

There is a lack of people who really research things properly, or have a finger tip feel - instead we jump to easy answers.
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Old 09-29-2011, 10:07 AM
 
1,140 posts, read 1,921,769 times
Reputation: 1709
Quote:
Originally Posted by mikeyking View Post
Here is a good article explaining the mindset of economists/analysts/politicians types - looking for theory to that can explain all of human behaviour, and extrapolating data to suit their opinions, knowledge and mindset.

I mean most of the guru economist types on TV probably don't understand the how the computer at the there desk works - never mind being able put every possible piece of information together to predict the future, and understand their entire economy. Is it likely that someone use struggles with a simple task - is able to understand everything. If you really too an economist and asked them explain the details of one particular

Why Economists Missed the Crises | The Big Picture


Has vagueness, and talking in the overview - become the norm in our society - we also have a corporate management culture where sitting at your desk all day in the norm, and getting out and seeing what is really happening is shunned upon.

There is a lack of people who really research things properly, or have a finger tip feel - instead we jump to easy answers.
No replies, I was not trolling, hope I have not offended any armchair economists - this was genuine concern, over reliance on statistical data, analysis has its faults
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Old 09-29-2011, 01:35 PM
 
Location: Texas
5,873 posts, read 7,299,862 times
Reputation: 2967
I like how Barry poo poo's on Krugman's idea of not wanting to go against Greenspan (and I will include others in that boat as well i.e. bosses and management, et al) and then proceeds to make the same case.

Yes, if you were a naysayer or wanted to tap the brakes, you were shunned.

If you were but a handful of people who said things just weren't adding up you were labeled a conspiracy theorist/tin foil hatter.

If you forecasted that the merger/acquisition won't be as fruitful as "advertised" then you weren't a "company man".

It's the same today. If you don't tow the company line, the company hammer lands on you. It's not a big concept. If your demand falls, your (P) wage falls as well. Many fell to zero, and thus were let go.

I think the brush is being painted very broad by Barry. I think he falls into that category himself w/ this summary. He's got some good points and good insight on other matters as well. But this diatribe is seriously lacking.
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