Why are no economists in any of the rich lists?

[2BAD4U]

uni dropouts seem to make it though..

Now is that an opportunity cost or a marginal benefit

 

[explod]

hello,

find it very interesting,

with so many weighed down by a backpak filled with text books for years yet the lists are empty,

like with all the studies, even a humble truck driver creams them

thankyou

robots

Paul Keating is not a man of letters but many have said he is one of the greatest economists of moderm times. In spite of the recession we had to have, it was not of his making, it was a mater of bad timing and world events.

I used to have a mentor at Uni some years ago who said, the best brains with the high IQ's leave school at the first opportunity because it is too slow and it inhibits the free expression of ideas.

I have had a lifelong association with fine art and know that at school you are taught that the sky is blue. But that is wrong, it can be red, white, orange, yellow and many shades of black as well.

So the many wealthy in the world are probably the smartest. I think Buffet is brilliant because he will not touch anything that he does not understand. The Wall Street journo/spin doctors are also sociologists and are employed to feed the sheeple with rubbish. They mostly have letters and as a result are not endowed enough to know they are being used by the unlettered billionairs.

Wish I could identify my place, ah well

 

[theasxgorilla]

Re: why are no economist's in any of the BRW/or Forbes rich lists?

A career economist simply enjoys a middle class existence.

I think one could manage an upper-middle existence or higher if one was clever and ambitious enough.

ASX.G

 

[theasxgorilla]

I really hope I don't insult anyone, it is certainly not intended, but the reason is that modern economic theory is a load of b0ll0x.

Hehe, did you read my post before I deleted?

This is exactly the reason IMO. What classic economic theory teaches ain't what markets run on. You've said it yourself in many places on many occasions. It's all driven by debt and the ponzi scheme. Economics won't tell you how to window dress an asset whilst running it at a huge loss, then sell it to a greater fool.

ASX.G

 

[aldebaran3003]

1 reason. Control everything but own nothing.

 

[Timmy]

Richard Farleigh is a bit of an exception.

 

[xoa]

Re: why are no economist's in any of the BRW/or Forbes rich lists?

It's interesting that of these rich Aussies, virtually none of them got there by creating anything the least bit technological. Everybody is a property/equities/commodities/retail billionaire. We know how to dig stuff out of the ground, resell Chinese made widgets, and ride asset bubbles; but we're a wasteland when it comes to technological innovation.

 

[fimmwolf]

Re: why are no economist's in any of the BRW/or Forbes rich lists?

It's interesting that of these rich Aussies, virtually none of them got there by creating anything the least bit technological. Everybody is a property/equities/commodities/retail billionaire. We know how to dig stuff out of the ground, resell Chinese made widgets, and ride asset bubbles; but we're a wasteland when it comes to technological innovation.

We are pretty good at medical research as well.

 

[xoa]

Re: why are no economist's in any of the BRW/or Forbes rich lists?

We are pretty good at medical research as well.

Yeah, but how many Aussies on the BRW rich list got there thanks to medical research? Or software? Or technology in general?

 

[Naked shorts]

Re: why are no economist's in any of the BRW/or Forbes rich lists?

Yeah, but how many Aussies on the BRW rich list got there thanks to medical research? Or software? Or technology in general?

Aspen medical came first on the BRW fastest growing business list in 07.

http://www.aspenmedical.com.au/pdfs/Press Release - Aspen Fastest Growing Company - 28 Oct 07.pdf

(note: above link is a pdf).


Back to the topic, I guess its because knowing the economy is only part of the "key to success"...

George Soros couldn't have profited from Black Wednesday if he didn't know loads about the economy.
http://en.wikipedia.org/wiki/Black_Wednesday

Perhaps all the economists are too scared to take risk.

 

[xoa]

Re: why are no economist's in any of the BRW/or Forbes rich lists?

Aspen medical came first on the BRW fastest growing business list in 07.

http://www.aspenmedical.com.au/pdfs/Press Release - Aspen Fastest Growing Company - 28 Oct 07.pdf

They're a glorified recruitment agency for short staffed public hospitals. Most of their income comes from taxpayers. It's easy to grow quickly when your turnover is only 44 million.

No Aussie inventors or innovators on the BRW rich list?

 

[Spanning Tree]

I'm actually an economist myself.

My advice is that if you want to be a billionaire, don't be an economist.

What classic economic theory teaches ain't what markets run on. You've said it yourself in many places on many occasions. It's all driven by debt and the ponzi scheme. Economics won't tell you how to window dress an asset whilst running it at a huge loss, then sell it to a greater fool.

There are economic theories about bubble formation.

 

[xoa]

The "clever country" is looking more like a banana republic.

If precedent is any guide, to become a rich Aussie you must speculate on asset bubbles; don't invent or innovate.

:bananasmi

 

[Glen48]

Look no further than Ridout and Eastlake both with Bank of NSW who tell us things are rosy and we won't have a recession. Then the James from CBA who should look at the Comsec board and explain why we won't have a recession.
Actually if we have a recession and nothing worse we will be lucky.
There are groups of House wives who sit around picking stocks whop get a better return than the Xspurts.

 

[metric]

Re: Why are no economists in any of the rich lists?

because they are either mouthpieces for corporate fraud, loudmouth idiots, or doom and gloomers.


.

 

[aleckara]

because they are either mouthpieces for corporate fraud, loudmouth idiots, or doom and gloomers.


.

Even doom and gloomers can make money. They would of made a lot of money in the last few months for example.

No - I suspect that economists dont' study the markets - they study the economy itself. Markets can go up before they can go down, even if they should go down. How about shorting the dow at today's prices of 6800? Do you think it will rally beforehand and clean you out? Most of them are wrong true, but even the smart ones that saw this coming aren't necessarily good traders.

 

[Stormin_Norman]

'an economist can tell you tomorrow, why what he predicted yesterday, didnt happen today.'

stormin norman - honours in monetary economics and schumpetarian economist.


NOT a fundamental trader for the reason stated above:

I suspect that economists dont' study the markets - they study the economy itself. Markets can go up before they can go down, even if they should go down.