Tom Barkin, president of the Federal Reserve Bank of Richmond, said last week at a conference of business economists. “And that’s what you want: The solution to high prices is high prices.”
Economists can be so hard to take serious. I’m at the point where I’m starting to think of them as shamen or chiropractors. I’ll defend almost every other profession but I struggle to say economists know what they’re doing and are just doing their job.
Afaik, if you get 10 of anything (dentists, mechanics, lawyers, etc.), they’ll mostly agree. But get 10 economists together and I truly wonder if one would say capitalism’s great but we need less regulations to enable wealth to trickle down, while another suggests we invest in the working classto stimulate the economy, while another one says we need to bleed consumers dry until they’re starving to foster innovation, and yet another suggests we open our borders to stimulate free trade, etc.
Economists can be so hard to take serious. I’m at the point where I’m starting to think of them as shamen or chiropractors. I’ll defend almost every other profession but I struggle to say economists know what they’re doing and are just doing their job.
Afaik, if you get 10 of anything (dentists, mechanics, lawyers, etc.), they’ll mostly agree. But get 10 economists together and I truly wonder if one would say capitalism’s great but we need less regulations to enable wealth to trickle down, while another suggests we invest in the working classto stimulate the economy, while another one says we need to bleed consumers dry until they’re starving to foster innovation, and yet another suggests we open our borders to stimulate free trade, etc.
Unfortunately, dentists seem to also be a notable exception to your statement. https://www.rd.com/article/how-honest-are-dentists/