I commented on a video by Paul Donovan, Chief Economist of Global Wealth Management at UBS Investment Bank, preaching about the purported value of the practice of economics, hopelessly inferring, with a shaking head as if to drill it in, a practice hinging on hindsight will magically extrapolate to foresight that breaks the norm. The man clearly does not understand the asymmetry of entropy.
Nonsense. To understand “the world” you must understand nature, and the pseudo-science of economics lacks any correlation to nature’s first-principles, the reason why economics has not been able to offer any forward-looking recommendations that break the norm.
An economist is like a driver of a car who only from looking through the rearview mirror must decide how and where to drive. You can quote me on that.
I understand why you keep pushing the narrative of its value. It’s how you make a living. Selling voodoo to innocent greater-fools. Must I add former Fed chief Paul Volcker and former CalPERS CIO John Dear did not think much of economics either?
It’s time to reinvent economics.
The world will be a better place when it is not misguided by a practice regurgitating the undesirable consequences of hindsight and is replaced by a proven causal theory for humanity. Not manmade, but derived from nature.