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The number of responses to this post broadly implicating macroeconomics as psuedoscience are pounding nails into their own coffins considering macroeconomics an
by icelancer 10y ago
The number of responses to this post broadly implicating macroeconomics as psuedoscience are pounding nails into their own coffins considering macroeconomics and the applications of the study tend to be sociological in nature. There's no psuedoscience behind microeconomic analysis of market interactions at the lower levels; they very well model how markets, businesses, exchanges of value, etc operate.
- the_why_of_y 10y agoSome practically useless models of macroeconomics (Real Business Cycle theory) pride themselves in being fully "microfounded", i.e., being based only on the basic assumptions of microeconomics. The uselessness is then demonstrated by proclamations that the doubling of the unemployment rate in the recent financial crisis is caused by 10s of millions of workers suddenly developing a preference for leisure over work.