5 ms·
Far more worrying is that only a third of economics findings can be replicated without the author's help, and yet these are the supposedly scientific findings o
by rjruxhchd 11y ago
Far more worrying is that only a third of economics findings can be replicated without the author's help, and yet these are the supposedly scientific findings our politicians insist on basing policy off of. Even if policy seems counterintuitive and clearly harmful to the general public, we're given the explanation "because economics says so." It's clear now from the Federal Reserve replicability study that we're being duped.
http://www.federalreserve.gov/econresdata/feds/2015/files/2015083pap.pdf http://www.federalreserve.gov/econresdata/feds/2015/files/20...
- eru 11y agoAnd if I read that right, they were just trying to run the code provided with the papers again.
- chongli 11y agoEconomists are the modern equivalent to the oracles at Delphi. They speak in gibberish and the priesthood (politicians) make the interpretations which coincidentally happen to favour themselves and their friends.
- deleted 11y ago[deleted]
- sopooneo 11y agoI feel there's truth to that, but most at the edges. At core there is stuff economists tend to very widely agree on. There was a Planet Money episode outlining some pretty drastic policy changes that a panel of economists across the political spectrum all stood behind. Here's a write up: http://www.npr.org/sections/money/2012/07/19/157047211/six-policies-economists-love-and-politicians-hate http://www.npr.org/sections/money/2012/07/19/157047211/six-p...