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Thread: Stupid economic stuff you hear from "experts"

  1. #1

    Default Stupid economic stuff you hear from "experts"

    Sometimes when I hear something really dumb from mainstream economists, it actually makes me feel better because it helps validate my own belief which is basically austrian economics.

    For example:

    "Inflation is not causing commodity prices to rise for a given time period because the dollar index did not fall in that time period." This is obviously wrong because the dollar index only measures the dollar agains a basket of other paper currencies that are ALSO being inflated.

    "Raising taxes by x% will result in a gain of tax revenues by x%" Wrong! Behavior changes as tax rates rise. See the Laffer Curve.

    "Taxing the rich and distributing it to the poor will actually help the rich by driving up demand for their products." Wrong! Needs no explanation.


    Those are just a few off the top of my head.



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  3. #2

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    anything that appears in a Paul Krugman column or on Yahoo Finance qualifies
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  4. #3

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    And the MSM creates an echo chamber so people get this sort of nonsense beaten into their heads. :/
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  5. #4

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    "Government can create jobs through spending."

    Just yesterday I was talking with a friend of mine. He is a libertarian-leaning Republican and a very bright guy. He mentioned some news story and I said "government cannot create jobs, it can only take them from one sector of the economy where they existed due to consumer demand and move them to another sector of the economy based on politics." He disputed this and I had to explain the broken window fallacy. It truly came as a surprise to him, but he got it.

    edit: Literally five minutes after I posted this, the guy walks into my office and starts talking about the broken window fallacy and how he googled it, googled Bastiat, and ended up downloading Economics in One Lesson and is 4 chapters into it. Hehehe!
    Last edited by Acala; 11-29-2012 at 02:30 PM.
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  6. #5

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    My favorite:

    "Over the last 12 months, the all items [CPI-U] index increased 2.2 percent before seasonal adjustment."

    Waiter, I'd like to change my order. Can I switch baskets? I'll have whatever they're having (narcotics and all), please and thank you.

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    There is a local bar that has a shrimp & fry basket pretty reasonable , bet they could sell more if they sprinkled it with valium

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    Quote Originally Posted by thoughtomator View Post
    anything that appears in a Paul Krugman column or on Yahoo Finance qualifies
    That Krugman guy appears insane to me.

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    "War is good for the economy"

    "Consumer spending is good for the economy"
    Too bad our elected officials are not as aggressively trying to reduce the federal deficit as they are trying to strip us of our constitutional rights.

  10. #9

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    Krugman is a rat. He is very, very intelligent. But he is such a coward that he is willing to spout propaganda and complete nonsense because his handlers have found 1) his price and 2) his weakness. I do not know either, I just know that both have been found.

    His soul reeks of cowardice. I can sense it with every breath he takes when on film.

    Quote Originally Posted by oyarde View Post
    That Krugman guy appears insane to me.
    "Like an army falling, one by one by one" - Linkin Park

  11. #10

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    The fact that "economists" can't make the connection between rising stock prices and rising oil prices.

    The truth is prices are rising on all commodities because the dollar is losing value. Yet when both the stock market and oil make big gains, "experts" can't make the connection. They praise rising stocks on a growing economy yet blame big oil or speculators on the high oil price.






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