Why Economists Are Wrong About Tech

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Riddick
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Why Economists Are Wrong About Tech

Post by Riddick » 02-02-2015 04:05 PM

The problem with the economy is economists. The problem with economists is technology. Technology, or the ability to invent it, is what separates modern-day Homo sapiens living in a plush apartment in New York from the peasant working the fields in Medieval England.

There is a view called secular stagnation doing the rounds currently. It suggests that the economy is in some kind of rather depressing new normal; we live in a world of secular stagnation because technological progress is not what it used to be.

The last seven years or so have been awful for the economy. Is this because technological progress has peaked? Have we picked the low hanging fruit so much that progress is going to be very slow from now on?

The point that technology cynics overlook is that just about every great idea ever thought of evolved from an earlier idea. For the spreading of ideas, no medium in history even comes close to the Internet. For that reason alone, the rate of innovation is set to accelerate.

Technological advance does not automatically mean we are better off. Governments need to be savvy. If they listen to the technology cynics, they will prescribe the worst possible medicine. If that does not scare you, it most certainly should.

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Post by Fan » 02-04-2015 10:00 AM

are economists right about anything?
The heartbreaking necessity of lying about reality and the heartbreaking impossibility of lying about it.

― Kurt Vonnegut, Cat's Cradle

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Post by Doka » 02-04-2015 11:14 AM

I have a good friend who is a mathematician, a college profesor, currently teaching. He can't seem to keep his checkbook straight, he is always on the brink of financial disaster. What a conundrum! :huhsmile:
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Post by Riddick » 02-04-2015 06:32 PM

Did you hear of the economist who dove into his swimming pool and broke his neck? He forgot to seasonally adjust.

How many economists does it take to change a light bulb? Seven, plus/minus ten.

President Truman once said he wants an economic adviser who is one handed. Why? Because normally the economists giving him economic advice state "On one hand and on the other..."

Economic forecasters assume everything, except responsibility.

Economists are people who are too smart for their own good and not smart enough for anyone else's.

Three econometricians went out hunting and came across a large deer. The first econometrician fired but missed by a meter to the left. The second econometrician fired but missed by a meter to the right. The third econometrician didn’t fire but shouted in triumph, “We got it! We got it!”

What’s the difference between an economist and a confused old man with Alzeheimer’s? The economist is the one with a calculator.

Why was astrology invented? So economics would seem like an accurate science.

Did you know economists have predicted nine out of the last five recessions?

On the first day, God created the sun. In response, the Devil created sunburn. On the second day, God created sex. In response, the Devil created marriage. On the third day God created an economist. This was a tough one for the Devil, but, in the end and after a lot of thought, he created a second economist.

The First Law of Economists: For every economist, there exists an equal and opposite economist. The Second Law of Economists: They're both wrong.

They say that Christopher Columbus was the first economist. When he left to discover America, he didn't know where he was going; when he got there he didn't know where he was; and it was all done on a government grant.

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Post by kbot » 02-05-2015 11:59 AM

Riddick wrote:
President Truman once said he wants an economic adviser who is one handed. Why? Because normally the economists giving him economic advice state "On one hand and on the other..."


:D

I make a point of asking our radiologists if they took courses in equivocation while doing their residency. It's getting rarer to see a report with a definitive diagnosis....

I guess all "professionals" use this tactic to varying degrees
What the hell are we fighting for? Ah, just surrender and it won't hurt at all. You just got time to say your prayers. Yeah, while you're waiting for the hammer to fall. (Brian May of Queen)

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