May 24, 2010

Useless, ignorant economists

A very well known Harvard professor holding a high government position some years ago spoke at the annual conference of a Chilean Business group on the state of the economy. He was paid $20,000 to give two lectures... In his first lecture he suggested that the Chilean government could issue inflation-adjusted bonds. In Chile, most transactions were in UF, an index for inflation adjustment introduced in the 1960s!

This story comes from a comment on this blog post.

1 comment:

Dany Jaimovich - Bakary Baludin said...

yep, better if Harvard pays US20.000 to Chilean economists for a talk...