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Don't get lost, folks.

I love to see patterns in events, emergence, tipping points, et al, but this is obfuscation.

Remember, the current purpose of the "profession" of economics is to justify capitalism and its parasite class of interest casino operators. They're better at bullshit than you are because it's their full-time job.

"A man can be awful stupid if his salary depends on it."

I'm less and less impressed with OK economics, or Obama/Krugman. Every once in a while one or the other emits some surprising burp of reality, but I strongly suspect it is all part of a carefully tuned plan that will not ever result in a significant societal change that removes the grievous excess of the plutocrats that is bleeding the world dry.

Align culture with our nature. Ot else!

by ormondotvos (ormond.otvosnospamgmialcon) on Fri May 21st, 2010 at 05:22:07 PM EST
Even if you jettison most of the orthodox economic theory surrounding them, you still need reliable econometric indicators if you're going to do industrial policy and economic planning and want it to work.

It is possible that you can't get reliable information on the structure and development of the economy by mining price data. But we won't know that until we've tried to do it - preferably in a way that wouldn't make Shannon turn over in his grave.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri May 21st, 2010 at 05:33:11 PM EST
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