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How the Profound Changes in Economics Make Left Versus Right Debates Irrelevant


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#1 AnBr

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Posted 11 August 2017 - 05:48 PM

http://evonomics.com...omics-thinking/

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The idea of liberal or conservative economics shows that economists are not thinking like scientists. No one talks about liberal chemistry, liberal thermodynamics, liberal physics. Because chemistry and physics are talked about as science instead of ideology.

"Science is more than a body of knowledge; it is a way of thinking. I have a foreboding of an America in my children's or grandchildren's time - when the United States is a service and information economy; when nearly all the key manufacturing industries have slipped away to other countries; when awesome technological powers arc in the hands of a very few, and no one representing the public interest can even grasp the issues; when the people have lost the ability to set their own agendas or knowledgeably question those in authority; when, clutching our crystals and nervously consulting our horoscopes, our critical faculties in decline, unable to distinguish between what feels good and what's true, we slide, almost without noticing, back into superstition and darkness.

— Carl Sagan
The Demon-Haunted World: Science as a Candle in the Dark
1995

#2 Sinan

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Posted 12 August 2017 - 11:14 AM

Great article, thanks for the link, might have to check that blog out a bit more often.
"anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist."
Kenneth Boulding

"A person who reads books lives a thousand lives. A person who never reads lives only one"
George Martin

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#3 baw1064

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Posted 12 August 2017 - 10:56 PM

Economics is sometimes referred to as "the dismal science". ;)

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The Economist reported that the Bank of England’s large macro model wasn’t much help because it didn’t have banks in it. It is hard to make policy in the middle of a banking crisis if one’s economic model doesn’t have banks in it.

“Unless someone like you cares a whole awful lot, Nothing is going to get better. It's not.” --Dr. Seuss

#4 Sinan

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Posted 13 August 2017 - 10:17 AM

View Postbaw1064, on 12 August 2017 - 10:56 PM, said:

Economics is sometimes referred to as "the dismal science". ;)

Steve Keen uses this very fact to criticize Krugman, they had a very public fight over it online a couple years back. Apparently, many models consider all banking actions to be immaterial because they are double entry events. The MMT folks saw through this a long time ago. I think Minsky was the first economist to notice it, may be wrong about that though.
"anyone who believes exponential growth can go on forever in a finite world is either a madman or an economist."
Kenneth Boulding

"A person who reads books lives a thousand lives. A person who never reads lives only one"
George Martin

"Is that a real poncho or a Sears poncho?"
Zappa

"and let not mankind bogart love"

Willie Nelson and Colbert





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