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I know everything me, I do

Nor come to that do most economists. The two things in life that they really don’t understand are money and taxes – which almost never feature properly in their economic models or teaching as a result. No wonder they get all their forecasts wrong.

That’s some ego there, no? The entirety of a profession is wrong, one with little to no training in it has the truth.

And no, this hasn’t happened before. Galileo did actually know the earlier attempts at astronomy, Barry Marshall understood what everyone else was saying about ulcers and so on. Standing on the shoulders of giants requires more than just looking at the pretty pebbles.

15 thoughts on “I know everything me, I do”

  1. As Carl Sagan (possibly) said:
    They laughed at Galileo …………. But they also laughed at Bozo the Clown.

  2. “That’s some ego there, no? The entirety of a profession is wrong, one with little to no training in it has the truth.”

    You don’t have to have an ego to realise economists are full of sh*t. You just have to read what they write……

    They should rename economics as ‘Sociology with numbers’

  3. First of all, although the government claims that the national debt is nearly £2.7 trillion, it isn’t. It’s actually only a bit over £1.6 trillion. The rest is created by what I think to be false accounting.

    Y’see, the national debt is just an excuse them bastard Tories use so they can only run a budget deficit of only £84.6 billion per annum – instead of £∞ per annum as Professor Ritchie would prefer.

    Because debt makes you rich:

    What is more, it’s also fundamental to our wealth. Just recall that in Jane Austen’s ‘Pride and Prejudice, ‘ Mrs Bennett could appraise the value of potential sons-in-law based on their holdings in the so-called 4 per cent’s. They were part of the national debt.

    It is a truth, universally acknowledged but candidly suppressed by the neoliberals, that ignorance is strength. This makes Professor Ritchie the strongest man in England:

    So, the obsession with the national debt is crazy. It’s a great thing.

    Happy New Year to Tim and other Blokes.

  4. Martin Near The M25

    “Just recall that in Jane Austen’s ‘Pride and Prejudice, ‘ Mrs Bennett could …”

    Nothing bolsters an argument like the opinions and actions of fictional characters.

    Happy New Year to the distinguished readers of this blog.

  5. So his argument is that government debt is good for the wealthy rentiers who collect the interest.

    Nothing about the workers who are taxed to pay for it.

    Interesting priorities.

  6. OT but whatevs:

    Disney’s earliest Mickey and Minnie Mouse enter public domain as US copyright expires

    It was the animation that launched the House of Mouse.

    Steamboat Willie, a 1928 short film featuring early non-speaking versions of Mickey and Minnie, is widely seen as the moment that transformed Disney’s fortunes and made cinema history.

    Their images are now available to the public in the US, after Disney’s copyright expired.
    It means creatives like cartoonists can now rework and use the earliest versions of Mickey and Minnie.

    In fact, anyone can use those versions without permission or cost.

    US copyright law says the rights to characters can be held for 95 years

    95 years of rent seeking! Disney got great value out of its political donations. No wonder everything is a remake or some kind of reboot.

  7. Happy new year Tim. Thanks for the sterling work and a very enjoyable, if highly irritating, when it comes to prof potato, blog. Keep on exposing him as the fraudulent fat fuck (FFF) he is. Happy New Year everyone.

  8. The promble is that “economics” is used for two different things, observation and recording of certains facts of the universe, and predictive assertions about the future.

  9. Now one year has gone and a new one has come
    So remember the good, not the bad.
    For the man who can smile, while his world’s falling down
    Is either stoned or stark staring mad.

    Boom, boom.

  10. Some of my best friends

    Galileo was quite willing to ignore data which contradicted his theories – Kepler published in 1609 his analysis of Brahe’s data, showing that the orbit of Mars is elliptical, and sent it to Galileo, but Galileo insisted in his book published in 1632 that planetary orbits are circular. Galileo’s book was originally called Dialogue on the Tides, because of the importance he assigned to his theory that tides are caused by the earth’s rotation around the sun. Stevin, Kepler and others had long since correctly argued that tides are caused primarily by the moon, as is obvious to anyone who looks at the evidence.

    However, Galileo was often right. If Murphy ever gets anything right, it’s happenstance.

  11. Thinking of all the “Richards” I’ve known in my life a certain type of baby must cause a psychic flux in the parents’ brains such that they look at their newborn and nod sagely to each other and agree; “yes, definitely a Dick”…

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