afransen
Senior Member
That would explain the recent recession I guess. All those great predictions and policy changes.
Let's put it this way: do you pay any attention to weather forecasts, even though they only have a certain degree of accuracy? Sometimes the meteorologist misses completely. Does that mean you'd rather try to predicting the weather yourself with chicken bones, your own gut feelings?
Like I said, sometimes economists are wrong, but the flip side of that is that they are usually right. If they weren't, the government would be total chaos, since they would have no idea what effect their policies would have, and the Bank of Canada would do a terrible job of setting interest rates, and there would be massive swings in inflation rates. These things don't happen because economic theory does have decent predictive ability for simple changes and well-understood phenomena. Ignore that knowledge at your peril.