Economics Should Be Easy

“Rank-and-file PhD economist” Kartik Athreya explains why Economics is Hard and “bloggers” like John Stossel, Matt Yglesias, Robert Samuelson and Robert Reich are unlikely to have anything “interesting to say” about economics and “cannot meaningfully advance the discussion on economics policy.”  At least in Stossel’s case, that’s a straw man fallacy.

The key is that macroeconomics, which involves aggregating the actions of millions to generate outcomes, where the constituents pieces are human beings, is probably every bit as hard [as predicting Earthquakes].

Kartik asks why a cottage blog industry hasn’t cropped up to “offer their own diagnosis for what had happened, and advice for how to avoid the next big one [regarding earthquakes],” while such a cottage industry has popped up around economics.

I have some thoughts for Kartik.

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