Why did economists get the crisis so wrong?
That’s like asking why fortune-tellers don’t get things right. Their tools don’t work, but they continue to use them. And the Nobel committee gives prizes to people who aren’t scientists.
You have a great phrase in The Black Swan: “Don’t drive a school bus blindfolded.” Is that still happening?
Worse. I was talking about Bernanke - they’ve given him a bigger bus.
Nassim Taleb has honed his replies to common questions :
Which is what I’m saying about geneticists their tools don’t work (also here ) and the Nobel committee fails to notice (e.g., the recent award for teleomere research, which hasn’t yet had practical value).
Thanks to Dave Lull.