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The art of economics consists in looking not merely at the immediate hut at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups—Henry Hazlitt

Showing posts with label failure of models. Show all posts

Tuesday, April 03, 2012

Video: Economics is Fun: Why Economics Isn't (Natural) Science

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Dr Madsen Pirie of Adam Smith Institute does a great job in explaining vivaciously why economics isn't (natural) science, which conventi...

Monday, October 17, 2011

Video: How to silence a Nobel Prize winning economist: Ask him about the economy.

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This video from Peter Schiff is a must watch. (hat tip Justin Ptak Mises Blog) The current Nobel Prize winners, whom are economic modelers ...

Thursday, June 23, 2011

Ben Bernanke Admits to the Knowledge Problem

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“ We don’t have a precise read on why this slower pace of growth is persisting ,” the Fed chairman, Ben S. Bernanke, said Wednesday at a ...

Thursday, December 02, 2010

Video: Why Keynesian Economics Is Wrong

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Here is an instructive video, from Center For Freedom and Prosperity, on why Keynesian economics is flawed... (Thanks to Professor Dan Mitc...

Friday, August 06, 2010

Why Mainstream Economists Are Mostly Wrong

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How could economists/experts get it (forecasting, policy prescriptions) so wrong? This from Janus Lim of the World Bank (hat tip: Prof An...

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