Why economists are almost always wrong

Rational behaviour is not considering all options and picking the best, but simplifying complex choices to make a sensible decision in finite time.

That verbose title is almost the reverse of a quintessentially arrogant statement of economic supremacy published in the UK’s Daily Telegraph - on the editorial page of the business section - by Andrew Lilico. Entitled “Economists are nearly always right about things, despite what you may think in the print edition, its content and tone encapsulated everything about economic theory, and economists’ blind belief in it, that led me to write Debunking Economics over a decade ago.

Figure 1: Lilico's article in the print edition of the UK Daily Telegraph

Graph for Why economists are almost always wrong


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