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Fools, Idiots, Economists, and Making More Sales

Author

Wes Schaeffer
May 05, 2019

Paul Krugman won the Nobel Prize for Economics. (I wonder if they can get a refund on that trophy…and 7-figure prize money.)

Like most economists, he has predicted 37 of the last 7 recessions.

On election night 2016, he predicted the markets would “never” recover. (The Dow is up almost 41% since then, but when you consider he was predicting a crash, the Dow is actually 100% or more higher than where he thought it would be right now.)

If you or I were 100% off on our business predictions we’d have been fired 12 times since then.

Ahh, yeah Boss, I’ll grow my territory 41% in the next two years.”

After two years,

Ahh, Boss, I know I’m down 41% in the last two years…but I should get a raise because I really felt strongly about my prediction two years ago.”

Fools, idiots, nincompoops…and economists.

They’re literally everywhere, especially in news, media, academia, and entertainment, which includes professional athletes.

Be selective about the advice you take.

People can mean well—and even love you—and still give you the wrong advice.

999 times out of 1,000, you’re better off trusting your gut and investing in yourself.

Turn off the TV.

Turn on some 80’s big hair rock n roll, pour yourself a little sip of tequila on this Cinco de Mayo day, take a nap, read a book, and ignore these hacks, fools, and pundits.

Now go sell something.