The economist makes more money, the electrician adds more value.
I can elaborate but you can imagine the world muddling along without people telling you about inelastic demand but society would collapse in about two weeks if all the tradespeople disappeared.
Besides for Keynes all economists worldwide thought the New Deal would be a failure. Meanwhile the US recovered first.
Only a fraction of economists think the bank bailouts were a bad idea and the US lost over a decade when you look at the Workforce Participation Rate and CEO-to-worker pay ratio.
No economists thinks student loan debt amnesty is a good idea. Meanwhile the percent of people seeking degrees continues to drop, the age of first time homeowners continues to rise, the number of small businesses started is falling, and the fertility rate hits new lows.
It isn’t that economists keep getting it wrong. It is that they are paid to advance agendas. It is like a lawyer, you don’t pay a lawyer to find justice and fairness, you pay a lawyer to be your champion. An economist is paid by financial institutions to be a zealous advocate. Which is why there is a lobbyist company whose entire job is to sit economists on congressional hearings and advance the client’s viewpoint.
The economist makes more money, the electrician adds more value.
I can elaborate but you can imagine the world muddling along without people telling you about inelastic demand but society would collapse in about two weeks if all the tradespeople disappeared.
Sure and think about how better things would be.
Besides for Keynes all economists worldwide thought the New Deal would be a failure. Meanwhile the US recovered first.
Only a fraction of economists think the bank bailouts were a bad idea and the US lost over a decade when you look at the Workforce Participation Rate and CEO-to-worker pay ratio.
No economists thinks student loan debt amnesty is a good idea. Meanwhile the percent of people seeking degrees continues to drop, the age of first time homeowners continues to rise, the number of small businesses started is falling, and the fertility rate hits new lows.
It isn’t that economists keep getting it wrong. It is that they are paid to advance agendas. It is like a lawyer, you don’t pay a lawyer to find justice and fairness, you pay a lawyer to be your champion. An economist is paid by financial institutions to be a zealous advocate. Which is why there is a lobbyist company whose entire job is to sit economists on congressional hearings and advance the client’s viewpoint.
Meanwhile our infrastructure rots.