Ivory tower morons! Phelps, Sharpe, and Sims surprised me a little. I thought they had some common sense.
Most economists have never worked through Don Patinkin’s “Money, Interest, and Prices” or read Hayek or Bohm-Bawerk. They are edufactured Ph.D.s without portfolio.
“They don’t know enough to know what they don’t know!”
“ i thought they had some common sense.”
Doubtful. But I bet they have a lot more walking-around money than before they signed it.