Economists are NOT forecasters. This is a false impression laid out mainly by some in the 90s. The main job of economists is to explore economic reasoning. Economics does not claim to forecast something that isn't forecastable.
Economists have long back warned the society of investing in risky assets and giving money to "bad credit scores". When the managers f'ed t up by giving credit to wrong people, why blame that economists did not warn?
this shows that the writer is just a creative douchebag, who came out of some B-school with half knowledge.
Economics is more about having foresight and common sense. Similarly management ability is basically inborn. Both has got absolutely nothing to do with high education and foreign degrees. . But profession like Engineering and medical etc are different. Better and higher the education more brighter the proffessional.
All the recession is due to blind Globalization started by the Congress.The rich became richer and the poor became poorer.After cliaming the credit for growth in the first 4 years,now Congress is blaming the World situation for the recession. A sheer opportunisim.Swadeshi movement is best for our future. Our economics need not be export oriented,because we are Trade deficit. Let us look in to our internal market for our growth and stabilty.
Re: Recession
by Jayanth on Apr 21, 2009 12:36 PM
I sincerely hope they don't follow your advice Prasad. I just don't understand how you can ignore the positive effects of globalization in the last 18 years. Our expected growt rate of 6% is much higher than the 3-4% that we regularly achieved in the pre-liberalization era
If the governemts concentrate this issues, Automatic jobs and business opportunities will increase, At present Indian people need this basic facilities to leave peacefully. We dont require any Subsidies only control without corruption for above. Then see india where it reach in five years. Unfoturnately since 60 yeares of independence We have never seen this facilities one place atleast all over india.
Many economists are away from ground realties. They predict and give wrong pictures. Commonsense in the daily economics is always better. The faster the growth, the deeper the fall. MMS and Chidambaram having better exposure gave the Indian people rosy picture and mislead them . A common man can think more rationally.
Re: Economical jargons are to cheat the common man.
by Vikram Cavale on Apr 21, 2009 12:43 PM
Right. The basics of Roti, Kapda and Makaan (including education, electricity) is what people are supposed to live for friends. Add to it in todays reality - a bit of daily entertainment like TV. Globalization has brought in unnecessary complexities and has done more damage to nature since its not all inclusive development.
you dont need economist to grow and provide decent food, cloth and roof for people. its common sense. How job is created is very simple we all know. beter products/services are created and consumed by people and it creatds job/income. Very simple. Then why india millions are jobless and living poor life. reason is simple lack of awareness among masses. our ratta maro education destroy common sense and passion to serve others. and thats root of all problem.
Re: economy is common sense.
by Siddhartha Das on Apr 21, 2009 12:10 PM
Absolutely. To become a successful professional economist, here is my mantra: always make gloomy predictions. If you are wrong, people will forget you in their euphoria; if you are right, you are acclaimed as great.
Re: Re: economy is common sense.
by Jayanth on Apr 21, 2009 12:38 PM
Friend, better products/services are all good and necessary. But, the current problem is lack of demand for these products/services. How do you sell without a market for your products?
* Saving your Cash is GOOD for the economy and the society. * Spending your Cash is BETTER for the economy and the society. * Investing your Cash is BEST for the economy and the society.
Re: Investing your Cash is BEST for the economy and the society.
by Vikram Cavale on Apr 21, 2009 12:49 PM
Investing cash is best for the people with whom you stayed invested. Not for you as an individual in the long run. This kind of money making serves the interests of the petty few. Anyways, in todays complex globalized scenario, if you want to be a good investor you need to dedicate you life for that, at the expense of you immediate famaily, friends and also may be your job, as you may not find time for these most important aspects of a stable all inclusive and quality life
