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> Yes, obviously markets aren’t perfectly efficient and nobody believes they are. And yet all the currently popular theories (and narratives) of economics are
by jampekka 2y ago
> Yes, obviously markets aren’t perfectly efficient and nobody believes they are.
And yet all the currently popular theories (and narratives) of economics are founded on that assumption.
The F-twist is really someting to behold, especially as the theories don't even work.
- pembrook 2y agoWhile this is the “armchair internet commenter” narrative I was talking about that everybody has parroted going back to the news group days, it just isn’t true. Do you actually believe everyone in the entire field of economics believes people are robots? Or is it just convenient for you to hold that belief since it allows you dismiss an entire field of human endeavor in one sentence?
- jampekka 2y ago> Do you actually believe everyone in the entire field of economics believes people are robots? They don't, but a lot of them work (and preach) as if they are. This is not perculiar to economics, but rather a general practice of scientific programmes in the Lakatosian sense. But few fields cause such harm with and are so politically motivated to protect their core assumptions.
- mikea1 2y agoPopular with whom? Newtonian physics is 'popular' because it is easy to grasp with a high school education. Likewise, the theories of the early David Ricardo era are easy to understand, maybe popular, but not current with academics or practitioners.
- jampekka 2y agoE.g. DSGE models are still rather popular with academics and practitioners. And the classical economics is largely how economists popularize their field and justify policy.