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To be fair though, and I myself am firmly in the Austrian school, is that the same is true for fiscal conservativeness. One can always say 'it didn't work becau
by roel_v 14y ago
To be fair though, and I myself am firmly in the Austrian school, is that the same is true for fiscal conservativeness. One can always say 'it didn't work because we didn't cut enough', since there is no chance that we'd ever cut all unemployment benefits / pensions / subsidies for whatever / ...
- thewarrior 14y agoSadly you are correct . Economics is badly in need of some einstein to anchor it on some better theoretical foundations .I am reminded of the following joke : Soviet leader Leonid Brezhnev is making a speech. He finishes, then, as usual, asks for questions. After a long silence, a man finally asks, "Was communism invented by scientists or by communists?" Somewhat stumped, Brezhnev finally answers that it was invented by communists. "I thought so too," responds the man. "Scientists would have tested it on mice first." Fact is without witnessing it in action no economist at the time could have really predicted that communism would fail so hard.