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However historical contingency is such a huge factor in economic outcomes that it swamps any possibility of forming deductions from observation. So empirical e
by andybak 6y ago
However historical contingency is such a huge factor in economic outcomes that it swamps any possibility of forming deductions from observation.
So empirical evidence vs simulation is somewhat Hobson's choice.
- rbecker 6y agoTrue, but it still means the current status is: Several countries that reached prominent economic positions with protectionist policies, and zero countries that reached such positions without them. Now perhaps those countries would have succeeded even more without protectionism. Do you go with something proven to work for your country, or experiment with an alternative with a worse track record?