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Putting Your Money Where Their Mouth Is: Who Are The Best Paid Economists

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http://www.zerohedge.com/news/2014-06-14/who-are-best-paid-economists

When it comes to predicting the future, or the correctness of their opinions about virtually anything else, economists fall just behind weathermen in the spectrum of accuracy and relevance. This was confirmed most recently just yesterday, when we showed the "The Funniest Quotes From BofA As It Throws In The Towel On Its "Above-Consensus" GDP Forecast." Furthermore, due to the non-falsifiability of perpetually erroneous economic theories and assumptions, economics is neither an art nor a science (captured best in "The First Economist" cartoon), but painful, if well-paid, voodoo: "painful" for all those whose lives are ruined as one after another economic theory shatters and leaves the world a worse place than it was before; "well-paid" only for the tenured economist in question.

Confirming just this is the following table extracted from yet another typical economic study titled "Do the Best Scholars and Economists Attract the Highest Speaking Fees?" (just what is a "best economist" - the one whose "theory" results in the greatest GDP-boosting world war?)

While we urge nobody to read the actual study, what is stunning, especially in light of recent revelations that the most clueless economist of them all, Ben Bernanke, now commands a fee of $250,000 per speech (and just happens to be "off the chart"), is just how much these constantly wrong weathermen are paid to spread their particular dose of voodoo.

best%20paid%20economists.jpg

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Benny the Bubble must be looking down at Greenie's reduced circumstances with trepidation. Just $40k an appearance...

As for the non-falsifiability of perpetually erroneous economic theories? New Keynesian/Neo Classical synthesis has been comprehensively demolished. Those false prescriptions haven't yet been abandoned only because they continue to serve the interests of Wall Street scammers and the 1%.

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You have to appreciate the irony of a tenured economist preaching the virtues of competitive labor markets- an irony to which they seem oddly insensitive.

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There are no best economists in our system.

The system is fundamentally flawed, it is flawed because those at the top want it to be but even with this it will fail in the end. We are close to that end, people cannot take on more debt, those at the top have no morals or restraint. Our current economic system is founded on the economy continually expanding, that only works in a system where there are infinite resources, we do not live on a planet with infinite resources.

This will not end well, we are already beginning to see large scale protests. these protests may be isolated at the moment but they will become more and more frequent, at a certain point the separate groups will merge as they realize they have one common enemy who is behind their separate problems. At this point I expect those at the top to manufacture another war or other natural catastrophe. The problem with this is the art of destruction is so efficient now any substantial war could result in extinction of the human race.

I said it in another thread, once automation reaches a point where the top 10% no longer need the rest the consequences are chilling, the 90% need to wake up before it is too late.

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