Economists are too detached from the real world and have failed to learn from the financial crisis, insisting on using mathematical models which do not reflect reality

It's widely accepted in medical science that research has been hijacked by corporate interests and a "publish or perish" mentality in academia. The editor in chief of the Lancet even came out and said so. It's clear to everyone exactly why: the US alone spends almost $4 trillion on health care every year, and some people are making a literal killing. But what's amazing to me is that some people I talk to realize the problems with medical research, but then fail to realize that this also applies to economics. Just like the giant pharmaceuticals and food conglomerates profit off of fake science, banks, hedge funds, retailers, and employers profit off the fake economics they've been using as propaganda since the 1950s.

They talk on and on about individuals as purely rational actors and come up with mathematical models for why we need to make vast amounts of money cheaply available for banks to loan out and profit from, and seem to think it's a good thing that QE and low interest rates have raised our GDP when in reality they're just fueling a monstrous bubble in real assets, like houses, powered by extracting wealth in fees and interest from regular people while driving down our wages as much as possible.

Other economists are even sounding the alarm on this. Stiglitz, Michael Hudson, Piketty, and even the new head of the world bank have all talked about the perils of macroeconomics as pseudoscience, and the dogma of fake Friedman economics.

/r/LateStageCapitalism Thread Parent Link - telegraph.co.uk