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If economic theory was so bad as it is often implied any idiot could come up with a better theory and replace the one that we have now. The fact that this does
by lottin 9y ago
If economic theory was so bad as it is often implied any idiot could come up with a better theory and replace the one that we have now. The fact that this doesn't happen would suggest that it isn't that bad.
- lliamander 9y agoAll you've established is that economics is better than some random idiot. Hardly sufficient reason to accept the opinions of economists as hard science. The fact of the matter is, as many economists themselves will admit, economic theories suffer from both poor predictive power and poor falsifiability. This is by no means a knock against economists. They can still provide valuable insight. But they don't have automatic authority over a reasonably informed layman.