2010 Mid-Term Election Results

[tw]

Originally Posted by Spexxvet

Accountants are bean counters. Economists analyze what happens once the beans are processed. .

Economists are the field’s scientists. Others (ie accountants) are technicians or engineers of that financial discipline.

Economists learn of trends, relationship, and resulting effective in economics. Study symptoms to understand how X caused Y. That part of the field is rather accurate. The problem is when these same people believe money games can fix an economy or create productivity. Believe manipulating Y can fix X. What so many fail to comprehend or measure is how innovation works, why throwing money at something never creates innovation, and that their numbers are always reporting events long after events actually started or happened.

An economist can identify this type of recession so destructive that jobs will continue to be lost for 18 months after the recession ends. But cannot determine when the recession ends until long after the recession ends.

An economist that would fix an economy by averting deflation with money games is fooling himself and too many others. Economists can report on the ballon. But cannot 'fix' it.

Deflation is a monetary number that economists can understand. But are only symptoms of real world events that economist cannot quantify. When he tried to fix an economy by curing that symptom, then an economist is his own worst enemy. Tax cuts to fix an economy is a perfect example. Can actually make things worse.

Same applies to finance industry technicians. Which is why a company’s worst CEO would previously be the CFO.