Mon 22 Dec, 2008
Today’s post is written by a wonderful author named Aoi who writes at Politics By Satire. If you don’t check out her site, I will hunt each and every one of you down and cock/cunt punch you so hard that your unborn child will cry.
There is no fundamental theory of economics. No one knows how the economy works. A Ph.D. in economics doesn’t mean you can predict the economy. You might as well have a Ph.D. in fortune-telling. The two “sciences” are about as accurate. Both make predictions, and once in a while they are right, in the same way that a broken clock is right twice a day.
But amazingly, economists get six-figure salaries, and some make millions per year. And without every being right about anything. Imagine if other industries were held to the same low standard of performance.
- Airline pilots who occasionally manage to land an airplane
- Surgeons who once in a while don’t kill a patient
- Computer programmers whose software works once per month
All these people would be fired immediately. Or prosecuted. Or even lynched. But economists have created a mystique around themselves similar to what psychics have. Never mind that even the allegedly great Alan Greenspan recently admitted that he was essentially wrong for his entire career.
Despite their dismal track record, many economists are still claiming to have the perfect solution to the current crisis. I guess they magicked it up from their textbook Economic Spells and Incantations acquired while studying at Hogwarts School of Witchcraft and Economic Theory. And they claim to have the only workable idea for rescuing the economy, an idea that not coincidentally guarantees them even bigger salaries and fatter bonuses.
The latest report on TARP and executive pay at banks that received bailout money neatly proves that currently economists and similar experts can fail miserably and still be grossly overpaid. Some of the salaries are more than a typical person makes in 20 years, and the bonuses are often double or even triple what an average person makes in a lifetime.
So I want two things. First, a plan for economists in which pay matches performance. Of course, economists would then go unpaid, and that would free up a lot of money for people who actually do useful work.
Second, I want a job in which I can be wrong all the time and still get paid huge gobs of cash. But since in my line of work, things tend to explode, that is to say explode at the wrong time, if I make a mistake, I’m not likely to get that deal.
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2 Responses to “Economists Don’t Know Shit
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Tags: Alan Greenspan, Doctorate, Economic, Economists, Kids and Teens, People, People and Society, Social Sciences, United StatesComments (2)
robert barr says:
Weather people should be paid based on performance as well.
robert barrs last blog post..Obama’s Change.gov Illegally Registered?
Phuck Politics says:
@Robert Barr – I agree man. Those fuckers are wrong all the time and nobody says anything. When I wear my rubber boots and rain coat, I want fucking rain not clean skies and 85…worthless cunts.