Comments on: Economics is Hard; the Bad Assumptions of Economists Makes it Harder http://alephblog.com/2010/06/30/economics-is-hard-the-bad-assumptions-of-economists-makes-it-harder/ Helping Institutions and Ordinary People Invest Better by Focusing on Risk Control Sun, 27 May 2012 06:47:45 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: RichLhttp://alephblog.com/2010/06/30/economics-is-hard-the-bad-assumptions-of-economists-makes-it-harder/comment-page-1/#comment-27044 RichL Sat, 03 Jul 2010 23:55:59 +0000 http://alephblog.com/?p=2659#comment-27044 I understand where Mr. Athreya is coming from. The uninformed comments of Robert Reich on BP were astounding. Unfortunately, a PhD in Eco isn't a ticket to wisdom in the case of either Krugman or Stiglitz, who get NY Times coverage easily and contributed to the instability of the banking system with their nationalization comments in 2008. The common thread, IMHO, of all three is that they don't have a clue about how markets really work. I would love to trade against them! However, their proselytizing of destabilizing ideas in times of stress makes them a pernicious influence. Warning: array_keys() [function.array-keys]: The first argument should be an array in /hermes/bosweb26b/b2401/nf.alephblog/public_html/alephblog.com/wp-content/plugins/universal-post-manager/functions.php on line 1660

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I understand where Mr. Athreya is coming from. The uninformed comments of Robert Reich on BP were astounding.

Unfortunately, a PhD in Eco isn’t a ticket to wisdom in the case of either Krugman or Stiglitz, who get NY Times coverage easily and contributed to the instability of the banking system with their nationalization comments in 2008.

The common thread, IMHO, of all three is that they don’t have a clue about how markets really work. I would love to trade against them! However, their proselytizing of destabilizing ideas in times of stress makes them a pernicious influence.

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