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I don't believe economists can tell the future.
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Ok. I don't believe anyone can tell the future. This seems to be unpopular because basically any time I suggest that economic theories lack predictive power, I'm accused of being stupid and downvoted to oblivion.

But people are irrational, so sometimes the do things that are unpredictable. Sometimes, they do things that are against their rational self-interest. Thus, economic theories can't predict with certainty how anyone is going to act, and when they turn out to be right, it is little more than chance, in my estimation.

edit: 1 point, 57% upvoted. i think that means it's a controversial opinion, but not necessarily unpopular.

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1 year ago