Live data from Hacker News

Is The Economist Always Wrong?

economist.com

61–70 of 84 posts

Re: Is The Economist Always Wrong?

#61

> By contrast, when we suggested in April that oil prices were likely to rise further, we were out on a limb. Alas, we were dead wrong. Why "alas?" They wanted an economic collapse?

They're capitalists before they're economists. If you predict the future correctly, you can make money. If you predict it incorrectly, you lose money. Alas.

Re: Is The Economist Always Wrong?

#62
post #58

I’ve noticed The Economist having odd ways of interpreting statistics and data, and this article makes me even less trustful.

Odd how? I’ve been a reader since 1985 and am satisfied.

They had some months ago an article about affordability crisis in US and a lot of statistics how it is not a thing. Seemed very convincingl but then when you looked at the numbers more closely, they didn’t seem to give att all as strong support to their claims as they. I can’t remember details anymore, but I would wager it came down to the fact that US has insane amounts of wealth, but a lot of Americans are not very well off, and healthcare, debts etc. weights down pn even the middle class. To my memory none of this was in the article, which seemed a blatant omission to the point of making the whole thing more a piece of propaganda.

I somehow expected them to have statisticians and data journalist working for them, but perhaps my assumption was just silly. This article seems to point that they do not, because as pointed elsewhere, this sort pf LLM-heavy approach is far from trustworthy.

Re: Is The Economist Always Wrong?

#64
post #42

Earlier quoted context omitted.

That's not true at all, first of all economics is a social science, secondly I think what you think is ignored is the whole branch of behavioural economics .

[flagged]

Gross oversimplification of a broad field of study, for the purpose of denigrating it.

Re: Is The Economist Always Wrong?

#65
post #55

Lol @ the use of "bête noire", which is of course a way to avoid the old racist saying of you made a hugely and catastrophic mistake ... saying you were black-faced. But surely in French, it's fine, right?

That is not what the translation means.

Re: Is The Economist Always Wrong?

#68

to quote Taleb: those who can, do (trade). those who can't, write about it (financial press)

Taleb is literally mostly an influencer who once traded (and sucked at it).

Taleb made a lot of money trading, his firm failed but running a successful business is not trivial and his ideas ended up working when he took up an advisory role rather than an executive role. Unlike other financial "influencers", he actually seems to understand mathematics to a high degree.

Hardly your typical economist op ed writer.

Re: Is The Economist Always Wrong?

#69

I really like the economist, they are quite centric in their views but don't hide a certain bias for strong representative democracies, deregulation, globalism and open (publicly traded) markets. Their writing style is probably the cleanest in the industry and they always point out potential conflict of interest even though I've never seen the write anything really positive about the companies Exor controls (Stellant…

They are not "quite centric" politically, unless you are a liberal. Contrast the number of times the phrase "far-right" appears with the equivalent (far-left, progressive, radical left, etc..). They go out of their way to use negative adjectives describing right-wing (US definition) people or concepts, but not so much the left. The "Lexington" column is completely devoted to liberal (not classical liberal) ideas, and I would challenge anyone to note a right of center view (US definition) in that column over the last ten years. I've subscribed to the Economist on and off for twenty years and definitely noticed a change in bias when Zany took over.

Re: Is The Economist Always Wrong?

#70

Earlier quoted context omitted.

Having similar thoughts at times. What are you reading nowadays?

The Atlantic. Excellent writers, excellent editing. But as a European I find the US slant is a problem. I do miss The Economist's international coverage.

I guess if you’re so completely committed to left-wing ideology that you’re willing to overlook ridiculous factual inaccuracies, it’s…fine.

https://www.currentaffairs.org/news/the-worst-magazine-in-am...

I explicitly chose a criticism from someone with a wildly different political ideology than my own, just to show that this is not a partisan take. I disagree with almost every opinion expressed in that link, yet agree completely with the validity of the examples given. The Atlantic routinely makes statements contrary to fact, and seemingly has no qualms about lying or exaggerating to make an attention-grabbing point. It’s coverage during Covid was particularly atrocious.

Post reply on HN