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.
My comment:
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.
