Economist reacts to podcast guests bashing economic science
Money & Macro · 2025-11-18 · 29 min
https://www.youtube.com/watch?v=tzxd5I-EzyAVideo summary
Joeri argues economics is real social science, while debating Gary’s forecasts, Michael Saylor’s model critique, and Steve Keen’s education warning.
Economist Joeri responds to three common attacks on economics: that it is not real science, that its models are outdated, and that studying it is pointless. He agrees macroeconomics cannot match laboratory sciences: millions of people and firms interact, humans adapt, and policy responses can change the outcomes economists predict. But a trader’s successful forecasts are not proof of reliable skill; even professionals can be beaten by random stock picks, monkeys, or a cat. On models, Joeri says standard versions can omit bank-created money and inequality, while richer agent-based models capture more detail but become difficult to understand and debug. He also notes that research has advanced faster than university curricula, partly because teaching resources and time are limited. His conclusion: economics is imperfect but scientific, and students should seek departments that teach varied schools of thought, economic history, and empirical methods alongside mathematical models.
Chapters
- 0:00Intro: Joeri and Alejandro frame three criticisms of economics
- 1:19Economists’ predictions: COVID policy and human behavior complicate experiments
- 6:44Gary’s second claim: why a strong trading record may not prove forecasting skill
- 11:07Advertising sponsor: Ekster wallets, finder card, and a 10% promo discount
- 12:39Are economic models outdated? Agent-based models and DSGE feedback
- 16:37Richard Werner: bank money creation and newer macroeconomic models
- 21:09Gary’s take on economic models: representative agents omit inequality
- 24:10Is economic education bad? Teaching lags behind research, but Joeri still recommends studying economics
- 26:38Conclusion: economics is real science, and students should seek progressive, empirical programs
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