Do Economists Not Predict Correctly?

It depends on your definition of an economist. And your definition depends on the world as you know it.

If you think economists are people who are employed by the government or by institutions that are dependent on funding from the government (which means most institutions of higher learning!) to interpret economic data then the answer is affirmative. They do not predict correctly.

If you think economists are people who use the empirical methodology as the basis of their statistical examination of the economy, thereby conferring interpretive and interventionist powers on the ego-driven; yes, if you think these are economists then the answer is affirmative. They do not predict correctly.

If these are your definitions of an economist because the world that you know is the pathetically corrupt perspective of a pandering politician then it is true that the economists do not predict correctly.

But these are all distortions of reality. There are economists and there are charlatans. The test of a true economist is subjectivism.

Of course it is true that the charlatans cannot predict correctly. It is the imbecilic politicians and their overlords and the bribed media that think that the charlatans are economists.

However the record is clear and conclusive. The true economists, those using the subjectivist methodology, have been accurately predicting the consequences of the practices of quackery imposed upon the economy by the charlatans (with immodest encouragement coming from the politicians).

No, the economists (who are actually charlatans) do not predict correctly!

Yes, the economists (as defined by Ludwig von Mises) do predict correctly!

For more information go to .