The GDP Statistic Comes Out At The End Of The Model!

The very first realization that needs to be made clear and evident to anyone who is listening to economic news is that GDP is the excrement of the model which has been fed data!

Like most excrement it stinks!

The model is a Keynesian construct with so many unrealistic assumptions that it would not even qualify as science fiction; it would more rightfully be classified as a demented and dissociated fantasy.

Empirical economic models are erroneous from the outset. It is like the trajectory of a bullet. Even a small deviation at the starting point causes a tremendously great error at the end. But the error of empirical economics is absurdly great at the beginning because it is the incorrect methodology for the social sciences.

That is why Greenspan simply resorted to his own arbitrary interpretation of the 'smell' of the economy to decide what to do. Bernanke is more hard core and he will stick to his empirical models.

All of these empirical economists are fools who have forgotten that they are playing with models and it is their indoctrination (claimed to be 'education and experience') that has given them models not worth the excrement that comes out of its end.

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