- Economics is a discipline, not a science.
- Markets are frequently ahead of, and often out of sync with, the economy.
- Models are of limited utility.
- Contextualizing data often leads to error.
- Narrative drives most of economics.
- Economists are loathe to admit that “they don’t know.”
- A tendency to confuse correlation with causation.
- The peril of predictions.
- Extrapolating current circumstances to infinity: Economists suffer from the recency effect, just like everyone else does.
- Sturgeon’s Law: Not every economist is a prize winner.
via Wash. Post