It’s a sad fact that most trained economists (of the macro variety) don’t really understand even the basic workings of the economy very well at all.

It’s not that they are stupid; no, it’s just that the ideas that they have been inculcated with and trained on are largely invalid, designed to serve the will of capitalistic wishful thinkers, the rich and the aspirant rich.

Not a conspiracy – it’s just what happens when power is applied somewhere for a long time by the self-interested.