Totocaputo said that he did not believe it was a matter of dishonesty, but he maintained that 90 percent of economists did not understand how the market worked. According to what he wrote, many conceived it as an Excel spreadsheet and assumed that it could be bought at any moment; he added that last year some had used that reasoning to assert that they were finally being taken seriously because they ended up buying. The author maintained that purchases are made when the market sells and that buying when the market demands can raise prices and reduce the quantity obtained. He pointed out that this effect was especially relevant in shallow markets, such as the dollar market in Argentina, and due to the involvement of the BCRA. He also stated that academic economists were employed in banks to write but not to manage investments and warned against following their advice. #Economía #Mercados #Inversión (translated)






