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MichaelVassar comments on For progress to be by accumulation and not by random walk, read great books - Less Wrong

35 Post author: MichaelVassar 02 March 2010 08:11AM

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Comment author: MichaelVassar 03 March 2010 06:11:51AM 5 points [-]

I'm sure some people understand more than Keynes, both today and in his time, but can you name them? The understanding of the best unrecognized synthesizing geniuses of both today and Keynes' day aren't available. If you think that the most famous contemporary macro people know more than Keynes I won't laugh, just observe that they are probably using that knowledge to make hedge fund managers rich, not sharing it with you.

Macro-economists are rightly subject to the criticism "if your so smart, why aren't you rich".

Comment author: Karl_Smith 03 March 2010 06:20:12PM *  4 points [-]

So the easy answers might be:

Ben Bernanke

Mark Gertler

Micheal Wooford

Greg Mankiw

Its not clear to me why macro-economists are rightly subject to such criticism. To me its like asking a mathematician, "If you're so good at logical reasoning why didn't you create the next killer app"

Understanding how the economy works and applying that knowledge to a particular task are completely different.

Comment author: SecondWind 19 May 2013 06:03:38AM *  1 point [-]

"If you're so good at logical reasoning why didn't you create the next killer app"

'Designing the next killer app' seems to rely heavily on predicting what people will want, which is many steps and a lot of knowledge away from logical reasoning.