Gavekal/Claudio Grass/2-3-2022
“The field of economics has long and often very embarrassing history of absurd theories, blatantly wrong assumptions and hypotheses, spectacularly wrong predictions and entirely avoidable policymaking blunders; a few of them hilarious, most of them catastrophic, some of them literally murderous.”
USAGOLD note: Grass pulls no punches in this critique of the economics profession. He says that it has not lived up to its potential because since the days of ancient Rome, it “has been held hostage by the political establishment, it’s been corrupted and co-opted, and the scientific method that was supposed to be at the core of it has long been replaced with skewed assumptions, biased methodologies and pseudoscientific maneuvering.”
