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My Sunday Washington Post Business Section column is out. This morning, we look at what good economists are to investors. The print version had the full headline What this investor took away from summer camp with the economists while the online version was 10 reasons why economics is an art, not a science. It is an expansion of a post from earlier this week.

Here’s an excerpt from the column:

“Through some quirk in my calendar, I have been spending an inordinate amount of time with economists. Over the past few months, I have attended numerous dinners (usually a table for eight), listened to their debates on economic policy, spent time in canoes fishing with them. Chatham House Rules prevents me from naming names, but among the dismal scientists were the chief economists of major Wall Street firms, government entities and Ivy League college professors. And a Nobel laureate or two thrown in for good measure.

As an investor, I spent much of this time seeing what I could learn from these students of the economy. The good news is that economists are intelligent, engaging and often charming folks. The bad news is their work is often of little use to investors.”>

I like the Post’s art work, too this week:
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click for ginormous version of print edition
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Source:
What this investor took away from summer camp with the economists
Barry Ritholtz
Washington Post, August 11, 2013  
http://www.washingtonpost.com/business/10-reasons-why-economics-is-an-art-not-a-science/2013/08/08/7c501020-ffb5-11e2-9711-3708310f6f4d_story.html

Category: Apprenticed Investor, UnGuru

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

3 Responses to “Economics is an Art, not a Science”

  1. sellstop says:

    that was a great article Barry. As I read “The Myth” I am struck by how often the “paradigm” seems to change. I lean toward the recency effect as a major cause of inaccuracy by economists. Or investors, or people who are afraid of dogs for that matter.
    gh

  2. miamijim says:

    Now I know why I read you every day!! No mumbo-jumbo….& call it like it is.

  3. victor says:

    When WW II Admiral William ( Bull) Halsey was told by his chief meteorologist that weather patterns in the Pacific theater were impossible to forecast with any accuracy, he famously replied: “I agree they’re totally useless but I still need them for planning purposes”.