Economists: A Profession at Sea

[jody]

1. IMO the problem is the total disconnection between macro-economics and micro-economics. The former

is the pulpit from which "experts" advise presidents and congress how to control the economy but they have been mostly wrong since Keynes.

The latter is the working level at which new businesses begin based on a fistful of dollars and a pocket full of dreams.

If they survive they provide new jobs for the future but most fail in the first two years.

If one survives, owners might become rich evenly wealthy but that's a gamble every new venture takes.

I have never read a single macro-economic theory that suggests a credible cause and effect relationship to micro-economics.

Any president can ask the most brilliant economists in the world to Camp David to advise how to help our dying economy.

So far that hasn't worked.