Economists are simply sockpuppets for the institution. Propagandists, principally. Standard economics is generally pseudoscience.

If economics have been an actual science then it is utility could be way more restricted and no person could be dismissing insurance policies out of hand simply because an economist says so, just because an economist couldn’t predict how these insurance policies would work out except the coverage had one thing actually basically idiotic in it.

Anyhow, who’s the establisment? These are bankers, billionaires and megacorps. Unsurprisingly, economists touted concepts that might profit these individuals, fulfilling their function as propagandists. Below communism there have been propagandists saying there was no poverty, that there was no dictatorship yada yada yada. Below capitalism they do the identical.

Financial predictions requires excess of only a bunch of financial theorems, it requires understanding of mass psychology, sociology, know-how and so forth. As such, the predictions made by economists are virtually at all times fallacious as a result of the fashions they use are woefully insufficient to cope with a actuality of such complexity. It is a pseudoscience. Nice for propagandists.