Sunday, March 3, 2013
Economics is bunk
What does this survey mean? To me this complete lack of consensus on fairly basic issue means that either the entire field of economics is fundamentally rubbish or it's fundamentally corrupt. My tendency is to lean towards the corruption side but I don't think that is the truth. There are no boogeymen just people being people. That means that the profession is bunk. The inability to test models or reproduce results means all models are equally accurate or inaccurate. Krugman and Schiff have equal predictive power.
As someone who strives to be rational I'm forced to admit that my strong economics views can only be bias based and irrational.
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