economics and economists
I have never bothered too much about economics. Well yes, admittedly it has been my major in both of my degrees, and I now earn my living pretending to be a professional practitioner of the subject but even still, my regards to this particular section of social sciences has never been extremely high.
Economists have a well-known record for having correctly predicted nine out of the past five economic/financial crisis. And as far as I know, nobody realised that the current one was on its way, before it hit the world’s largest economies like a tsunami. (well there was that one bearded one, but he was never really an economist – Marx I think he was called)
So far I have failed to understand what economists have done correctly. We have indeed managed to not find a solution for world poverty and underdevelopment. And our models work only in theory if even then, but have hardly any relevance in the real world. To be honest, I did briefly consider building a formula, based on which I would do my forecasts but then, realising that I struggle calculating year-on-year percentage changes I thought a multivariable model with more signs than the common, primary school plus and minus would just confuse me more than anything. And that obviously, would be nothing but waste of my precious time.
The best brains in my profession gather to the ECB, the Fed and the World Bank. These brilliant minds coming from the most highly rated schools in the world, combine their knowledge in order to sort out the mess, uneducated, non-economists have caused in the world. Well one of them has now decided to come down from the ivory tower and share its wisdom to the men of the streets. We, the economists, believe that our intellectual capacity if far beyond that of the average trotter, but the kind intellectuals of the ECB have thus decided to put the complicated concepts of economics into a model that even a child can understand. However, as I watched the blue inflation monster struggle in its jar, in which the ECB economists kept it captive, desperately trying to get out to the free economy where it would be able to eat people’s salaries I started to worry – but then again, who am I to judge? A novice should never criticise his/her superiors.
But if you would like to learn about the inflation monster, go and check the film at
http://www.ecb.int/ecb/educational/pricestab/html/index.en.html it is hilarious.
Economists have a well-known record for having correctly predicted nine out of the past five economic/financial crisis. And as far as I know, nobody realised that the current one was on its way, before it hit the world’s largest economies like a tsunami. (well there was that one bearded one, but he was never really an economist – Marx I think he was called)
So far I have failed to understand what economists have done correctly. We have indeed managed to not find a solution for world poverty and underdevelopment. And our models work only in theory if even then, but have hardly any relevance in the real world. To be honest, I did briefly consider building a formula, based on which I would do my forecasts but then, realising that I struggle calculating year-on-year percentage changes I thought a multivariable model with more signs than the common, primary school plus and minus would just confuse me more than anything. And that obviously, would be nothing but waste of my precious time.
The best brains in my profession gather to the ECB, the Fed and the World Bank. These brilliant minds coming from the most highly rated schools in the world, combine their knowledge in order to sort out the mess, uneducated, non-economists have caused in the world. Well one of them has now decided to come down from the ivory tower and share its wisdom to the men of the streets. We, the economists, believe that our intellectual capacity if far beyond that of the average trotter, but the kind intellectuals of the ECB have thus decided to put the complicated concepts of economics into a model that even a child can understand. However, as I watched the blue inflation monster struggle in its jar, in which the ECB economists kept it captive, desperately trying to get out to the free economy where it would be able to eat people’s salaries I started to worry – but then again, who am I to judge? A novice should never criticise his/her superiors.
But if you would like to learn about the inflation monster, go and check the film at
http://www.ecb.int/ecb/educational/pricestab/html/index.en.html it is hilarious.
I also recommend http://www.oxfamblogs.org/fp2p/?p=50 puts things into perspective.
posted by riikka @ 5:24 PM
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