Wednesday, February 06, 2013

The stupidity of economists







And here you can see the stupidity of economists in general and Danny Blanchflower in particular.

Danny Blanchflower is assuming that people make rational decisions based on self-interest.

This is not how normal people behave.  They will tell you they make rational decisions, but actually they will make decisions for a whole range of irrational reasons.  That is why economists are so consistently wrong in predicting behaviour.

"Gays" are not likely to vote Labour as a result of yesterday's debate.  Yesterday's debate was meaningless in that it changed nothing in material terms.  In any case, "gays" are not an identifiable minority that can be organised into a bloc vote - the term (clumsy and inaccurate) covers a huge range of people (for most of whom sexuality is not a big issue).

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