Erik Sherman
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Something of mine on Forbes: "Economists Should Stop Opining On ESG And How Businesses Should Run"

https://www.forbes.com/sites/eriksherman/2023/04/16/economists-should-stop-opining-on-esg-and-how-bu...
09:00 PM - Apr 16, 2023
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HumTeach
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In response to Erik Sherman.
Most economists' advice about actual things to do in life is bad. Probably because their predictive models suck so badly (endless evidence of that).

Instead of admitting that 250 years of "advances" in the field have yielded little, they pontificate and bloviate instead.

Waste of time.
08:35 AM - Apr 17, 2023
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Erik Sherman
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It's a matter of bad simplification, I think. All science and engineering need to simplify real problems to solve the. But when economists do it, they ease out what is often most needed and treat their results like natural law.
In response to HumTeach.
09:08 AM - Apr 17, 2023
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HumTeach
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In response to Erik Sherman.
The system they study has far too many variables, so they began with stupidly simplistic assumptions then graduated to behavioral economics (slightly better).

But economists will still tell you then can predict the outcome of policy choices and broad trends in the economy 12 months out.

Nonsense.
03:36 PM - Apr 17, 2023
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Erik Sherman
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In response to HumTeach.
Agreed. At least in most disciplines where simplification is used to reduce the burden of fiendish partial different equations, they can show the simplified models work and know when they don't.
05:39 PM - Apr 17, 2023
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