MCViewPoint

Opinion from a Libertarian ViewPoint

Can We Trust Experts? – LewRockwell

Posted by M. C. Fox on July 25, 2018

https://www.lewrockwell.com/2018/07/walter-e-williams/can-we-trust-experts/

By 

Former Treasury Secretary Larry Summers predicted that if Donald Trump were elected, there would be a protracted recession within 18 months. Heeding its experts, a month before the election, The Washington Post ran an editorial with the headline “A President Trump could destroy the world economy.” …

Nobel Prize-winning economist and New York Times columnist Paul Krugman warned that the world was “very probably looking at a global recession, with no end in sight.” By the way, Krugman has been so wrong in so many of his economic predictions, but that doesn’t stop him from making more shameless predictions…

Irving Fisher, a distinguished Yale University economics professor in 1929, predicted, “Stock prices have reached what looks like a permanently high plateau.” Three days later, the stock market crashed…

In 1903, the president of the Michigan Savings Bank, advising Henry Ford’s lawyer not to invest in Ford Motor Co., said, “The horse is here to stay, but the automobile is only a novelty — a fad.”…

Albert Einstein predicted: “There is not the slightest indication that nuclear energy will ever be obtainable. It would mean that the atom would have to be shattered at will.”…

To prove that it’s not just academics, professionals and businesspeople who make harebrained predictions, Hall of Fame baseball player Tris Speaker’s 1919 advice about Babe Ruth was, “Taking the best left-handed pitcher in baseball and converting him into a right fielder is one of the dumbest things I ever heard.” For those of us not familiar with baseball, Babe Ruth was one of the greatest outfielders who ever played the game…

What’s not widely known is that Newton spent most of his waking hours on alchemy. Some of his crackpot experiments included trying to turn lead into gold. He wrote volumes on alchemy, but after his death, Britain’s Royal Society deemed that they were “not fit to be printed.”…

To prove that one can be a genius in one area and an idiot in another, Kelvin challenged geologists by saying that Earth is between 20 million and 100 million years old. Kelvin predicted, “X-rays will prove to be a hoax.” And he told us, “I can state flatly that heavier-than-air flying machines are impossible.”

The point of all this is to say that we can listen to experts but take what they predict with a grain or two of salt.

Be seeing you

Curly

“I’m trying to think but nothing happens!”

 

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