Incompetent Pundits and Inefficient Markets

Thomas Frank brings some wonderful snark:

A second lesson: if economists—and journalists, and bankers, and bond analysts, and accountants—don’t pay some price for egregious and repeated misrepresentations of reality, then markets aren’t efficient after all. Either the gentlemen of the consensus must go, or their cherished hypothesis must be abandoned. The world isn’t gullible enough to believe both of them any longer.

This was not a failure of degree but of kind. As the kids used to say, read the whole thing.

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