According to Federal Reserve employee Karthik Athreya, economics is so complex that unless you are properly trained in an approved institutional environment, you just do not understand:
The real issue is that there is extremely low likelihood that the speculations of the untrained, on a topic almost pathologically riddled by dynamic considerations and feedback effects, will offer anything new. Moreover, there is a substantial likelihood that it will instead offer something incoherent or misleading. [Read]
To a large degree, he is correct about the misleading and incoherence, but incredible economic ignorance, incompetence and confusion is rampant amongst some of the most highly and "properly" educated economists on the scene, as well as those teaching in the institutions of higher learning. A degree does not confer reason, wisdom or intelligence, nor does it exclude such traits.
FYI: On the whole, PhD holders are not known for their brilliance or strong independent thought, they are known for their ability to follow instructions and cozy up to faculty. It is more difficult for a brilliant mind with contrarian views to get a PhD than it is for a dolt who panders to professors.
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Education is a net positive, but what has taken place in too many educational environments is the destruction of reason and truth. If one cannot question and challenge, progress toward understanding is dead.