Thursday, May 29, 2014

Economics: Go With Your Gut

Somebody found some errors (maybe) in Thomas Piketty's Capital in the 21st Century. The whole thing might be a little overblown though.

But remember the errors that were found in the Reinhart and Rogoff study that said that high debt levels cause radical slowdowns in economic growth?

Here's a video clip that sums it up most cogently.

Whatever the case is, I know that economists argue all the time. I know that statistics are increasingly dodgy. I choose to go with my gut instinct after decades of immersing myself in this crap. I know that inequality is increasing. I know that poverty and insecurity is increasing. The political movements in Latin America, the Middle East and Europe all attest to these facts.

I'm not capable of going toe-to-toe with the best liars and rationalizers in the world. But I've never thought that. I keep plugging away at stuff because I know I've got the big picture right.

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