Economic Witch Doctoring!
Economists would have us believe that the recent jobs numbers–although still in decline–are signs of economic recovery because the rate of decline has slowed. Any rational human being could point to the logical fallacy in this “observation.” Of course the rate would decrease, had the rate remained constant there would be no jobs left to count. It’s analogous to a train derailment. The instantaneous and average velocities of the train would decrease over the interval of time the crash took place in. Someone should tell the passengers aboard not to worry, because the whole incident is a figment of their imaginations (their acceleration slowed so the train was healing itself).
Instead of admitting they have no clue what they’re talking about, economists would have us believe it’s reality that is at odds with their econometrics, not vice-versa. Mainstream economics prides itself on empiricism. It wants to be like physics, and draw up models and equations to represent complex phenomena. However, unlike an empirical science instead of trying to rigorously disprove a theory, they attempt to excuse all of the evidence reality presents to the contrary of their “conclusions” and make the data fit the model. It’s no wonder more people are losing confidence in science. The real empiricists need to stand up and publicly denounce the superstitious economic dogma that calls itself science.
The whole economic discipline reminds me of witch doctoring. Future generations will look back stupefied by how such an advanced civilization could be so primitive in policy as a result of certain disciplines. Doing a little dance, shaking a stick and sacrificing the blood of the young are a poor substitute for real understanding.
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