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Economists Keep Getting It Wrong Because the Media Coverup Their Mistakes


Economists Keep Getting It Wrong Because the Media Coverup Their Mistakes

Dean Baker

Most workers suffer serious consequences when they mess up on their jobs. Custodians get fired if the toilet is not clean. Dishwashers lose their job when they break too many dishes, but not all workers are held accountable for the quality of their work.

At the top of the list of people who need not be competent to keep their job are economists. Unlike workers in most occupations, when large groups of economists mess up they can count on the media covering up their mistakes and insisting it was just impossible to understand what was going on.


Everything Dean Baker says here is true enough, but there's nothing new here, and no solutions are offered. I'd like to see a discussion of what a beneficial trade deal would look like. Apparently the TPP exists in order to allow the USA to economically colonize the work forces of impoverished, highly-populated Asian nations before China gets the chance. That's why Obama and Clinton are determined to have the TPP; they are afraid of China dominating Pacific Asia economically and militarily. It's the global chess game, and workers in America and Asia are pawns in the never-ending quest for cheaper labor. With TPP the middle class will soon be gone in America, and in Asia self-sufficient local communities will be destroyed by aggregation and centralization as small farmers and local artisans move to the city for the poverty wages of factory jobs. That's the price for limiting China. So I repeat, what would a beneficial trade deal look like?


Completely agree. Just watching the litany of talking head economists and finance gurus on cable TV that absolutely failed to call the real estate bubble and still get their air time is appalling. Nearly everyone on CNBC should have been swept aside, especially any that spouted free market libertarian lies, Larry Kudlow for one.


A special kudos goes out to the eminent economist Paul Krugman who won his nobel prize in 2008 based on his theory of free trade just to watch it blow up in his face.

And he calls himself a liberal and was part of the NYT unending attacks against Bernie Sanders.

He has sh*t all over his face after the crash of 2008 and should be disregarded as anybody with anything worthwhile reading.

Economics isn't a science. It's a bunch of "rules/laws" created by the 1% for the benefit of the 1%.