HumTeach
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thread 1/5
Because economists are literally just guessing based on their own ideological biases. The field has utterly failed to prove any use as a predictor of anything.
02:48 PM - Jan 26, 2024
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HumTeach
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thread 2/5
New York Times: “Many economists spent early 2023 predicting a painful downturn, a view so widely held that some commentators started to treat it as a given.
02:48 PM - Jan 26, 2024
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HumTeach
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thread 3/5
Inflation had spiked to the highest level in decades, and a range of forecasters thought that it would take a drop in demand and a prolonged jump in unemployment to wrestle it down.”

“Instead, the economy grew
02:48 PM - Jan 26, 2024
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HumTeach
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thread 4/5
3.1 percent last year, up from less than 1 % in 2022 and faster than the average for the five years leading up to the pandemic. Inflation has retreated substantially. Unemployment remains at historic lows and consumers continue to spend even with Federal Reserve interest rates at a 22-year high.
02:48 PM - Jan 26, 2024
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HumTeach
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thread 5/5


“The divide between doomsday predictions and the heyday reality is forcing a reckoning on Wall Street and in academia. Why did economists get so much wrong, and what can policymakers learn from those mistakes as they try to anticipate what might come next?
02:48 PM - Jan 26, 2024
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