Hi Hannah1. It’s one thing to understand economic concepts; it is far more challenging to apply those concepts. Economics is a social science (not a natural science) which deals with human behaviour. And humans are notoriously unpredictable. Natural science deals with facts or truths (like gravity), that explain how the natural world works. It is far easier to apply natural sciences (physics, chemistry etc).
So even though there are many people on this site (including Mish) who understand economics, their economic predictions will rarely be accurate. For example, Mish has been pessimistic about the long term prospects for the economy for many years. Yet the economy continues to chug along at a modest 2% growth rate ( for 10 years now). Personally, I believe the economy will continue to grow at 2% for another year or two, or possibly for many more years. Of course, eventually, a recession will happen and those who “predicted it” will finally be right.
And as CCR said, don’t confuse the stock market with the economy; they can easily move in opposite directions. If you followed the investing advice from Mish, over the last 10 years, you would have been heavily invested in gold while avoiding the stock market, and you would have missed a lot of gains.