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Which leads to the question: if "because I assume so" is evidence enough for making statements, how do you sort of the conflicting predictions of one theory bas
by duxut_staglatz 7y ago
Which leads to the question: if "because I assume so" is evidence enough for making statements, how do you sort of the conflicting predictions of one theory based on "I assume so" and another based on as much evidence?
To give an example, let's assume that central bankers can make everyone better off by picking the right inflation rate. Therefore it is good to centrally plan the price and quantity of money. The grandparent's comment "let's assume"-based theory concluded that it is bad to centrally plan the price and quantity of money. Which advice should we follow?
- richk449 7y agoI suggest we try an experiment. Appoint an austrian (say, Alan Greenspan) to run the US federal reserve. See if we get improved stability, or the largest recession since the Great Depression.
- dragonwriter 7y agoCome on, no one in a position of government authority would do anything that stupid.
- duxut_staglatz 7y agoSorry, empirical evidence should not inform our thinking because it is too shaky. Please either assume one of those two outcomes is correct.