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   sj_zero (sj_zero@social.fbxl.net)'s status on Sunday, 05-May-2024 12:33:51 JST sj_zero
   Pretty interesting going back to some of the econ podcasts I listen to and realizing how ignorant they are.
   
   In one show they talked about how good it is that the government says everything is fine. in another it says entitlements are great and the guest shrugs off the existential crisis of government debt with a dismissive "it's a political problem, we can figure it out", and "entitlements are fine, America economy big!"
   
   No wonder my predictions got so much better after I stopped listening to them. Imagine how disgraceful it is that these alleged economics reporters are likely to die in the gutter penniless because they don't seem to know fuck all about the markets or the economy.
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     mike805 (mike805@fosstodon.org)'s status on Sunday, 05-May-2024 12:33:50 JST mike805

     in reply to

     @sj_zero Heinlein's book "For Us The Living" really altered my view of economics. He was writing from a future perspective about the problems with 20th century economics, and he was right. He clearly explained what causes inflation, for example.

     I think economists are people paid to lie to the public on behalf of bankers. The fact there are multiple schools of economics that give exactly opposite remedies proves that economics is still in the blood letting and leeches stage.

     BowserNoodle ☦️ likes this.
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     Ross Andrews (randrews@somewhy.net)'s status on Sunday, 05-May-2024 12:34:58 JST Ross Andrews

     in reply to

     @sj_zero I've been noticing for a while a pattern where something obviously bad will be happening, and someone will say "no actually this is counterintuitive but this is good" and people will just nod and agree. "It's counterintuitive" seems to be enough of an incantation to get people to ignore their own observations and logic.

     At this point I have trained myself to just ignore that argument, and anything that sort of "expert" says. Economists are some of the worst about it, too.

     BowserNoodle ☦️ likes this.
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     BowserNoodle ☦️ (bowsacnoodle@poa.st)'s status on Sunday, 05-May-2024 12:42:58 JST BowserNoodle ☦️

     in reply to

     • Ross Andrews
     @randrews @sj_zero HERE'S WHY A 40% INCREASE IN THE PRICE OF GROCERIES IS A GOOD THING

     And those type of headlines are so dang annoying. There's two ways I look at this: Option 1 is they have some insight on the situation beyond what I know, such as variables I hadn't factored in including a bit of "confidence tricks" to keep people from panicking. Option 2 is they are mostly relying on confidence tricks and the economy operates like an egregore who's strength is derived from peoples plan trusting. While option 2 is tongue in cheek, it's not so inaccurate since market forced are efficient and operate regardless of of our concern. There's actually a bit of both of these I see from time to time, with things like the most significant market growth occuring when consumer confidence is way down with main street feeling like it's dying.