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Economists Are the New Astrologers

Andrew Syrios: Modern mathematical models in economics are about as useful as star mapping for predicting the future.

The failure of economic models to pan out is simply more proof of the pretense of knowledge. And it’s not more knowledge that we need, it’s more humility. The humility to know that “wise” bureaucrats are not the best at directing a market — market participants themselves are.

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7:14 pm on September 5, 2017