The good news is that economists are intelligent, engaging and often charming folks. The bad news is their work is often of little use to investors.
Sentiment: NEGATIVE
Economists create their own worlds. We're like little gods with our artificial economics, wanting to see what happens.
When better business decisions are made, economists won't make them.
If all the economists in the world were laid end to end, it wouldn't be a bad thing.
I'm not an economist, but I have spent time around thousands of small-business owners and investors, and I remain skeptical - despite the best intentions of the Fed - that even lower interest rates can make a meaningful dent in our unemployment problem.
Economists tend to think they are much, much smarter than historians, than everybody. And this is a bit too much because at the end of the day, we don't know very much in economics.
People today don't become economists to make the world a better place.
Investors covet past improvements but also always believe pricing unimaginable future creativity and efficiency gains is Pollyannaish. And they're always wrong. Bet on it.
I've felt for some time that economics needs to be taught differently by economists who actually have had experience making a payroll or investing on Wall Street. When economics is taught by pure academics, watch out.
I think the association of economics with forecasting is unfortunate and is down to the fact that one great way to get an investment bank's name on business television is to hire a guy called a Chief Economist who will go and prognosticate.
Economists often like startling theorems, results which seem to run counter to conventional wisdom.
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