I’m Becoming an Economist

January 27th, 2011 § 0 comments

Some choice quotes from a recent BBC article on the ‘science’ of economics:

Paradoxically, while everybody knows that forecasts are mostly wrong, “everybody still demands them,” said the senior economist of a large banking group, speaking off the record.

“It’s a starting point for analysis or discussion,” says the chief executive of a large asset management firm, “but you don’t have to believe it… economists are just one input among many.”

So how often do the economists advising his firm get it right?

He shrugs his shoulders: “Oh, about 3 or 4 times out of ten.”

So evidently all I have to do is set up a random number generator, couch my reports in pseudo-scientific nonsense, and watch the cash roll in. Since everyone at the top apparently already knows that the industry is a scam, they can’t even accuse me of acting in bad faith – if I’m hitting a 50% random average, I’m doing them a favour, after all.

As such, I fully expect that my next blog entry will be made from the back of my brand new (and tastelessly overstated) Mercedes. It will, of course, be the only car on the road with darkened windows – wouldn’t want to draw undue attention to how rich and important I am, after all. If I’m in a good mood, I may even buy one of you proles a beer.

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