4 ms·
Well...this kind of thing is here to stay, and at least some good may come of it. We can all be reminded that even "true" words are still just words. An examp
by transitionnel 9y ago
Well...this kind of thing is here to stay, and at least some good may come of it. We can all be reminded that even "true" words are still just words.
An example from all of history: (This is only semi-serious, but felt like a good thought experiment).
> Oligarch to politician - "Make this economic change."
> Politician to team - "Give me post-facto justification for this change I am making." aka "Spin this"
> Team - Applies economics to numbers
> Team to politician - "Here you go."
> Politician to people - "Economics does not lie."
> Vaunted economics publications - "Sold. And thanks for the like."
> Economic failure
> Future politician - "Well, we just didn't know then what we know now."
> Historian of the future - "Their economic calculations lacked the full set of economic forces and incentives. The economists of the time were in effect hand-waving because they ignored a fundamental economic force--the oligarch. Given the size of the oversight, I'd say they were complicit."
Thoughts:
--Economic policy sold without disclosure (or even acknowledgement) of these massive forces is knowingly flawed, and a willing lie to handle people.
--Economic theory is rooted in psychology. When an economic decision is spun to cover hidden motives, the psychological motive basis of that instance of economics is, by definition, false.
--Data can still fool good economists when it is cherry-picked; any data produced by a non-omniscient process is going to be flawed to some extent.
* This is not to say anything good or bad about oligarchs. Merely that they are a tremendous force, and economics, political policy, and civil discussion could greatly improve with a more accurate model of their effect on global systems.
* I'd love to see an economic modeling tool able to place "black boxes" where market distortions are occurring due to probable hidden forces. Captive markets are a real nuisance.