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> When trained and educated economists think something is bullshit economics, we should consider it to probably be bullshit. On the other hand, well-trained an
by mbesto 13y ago
> When trained and educated economists think something is bullshit economics, we should consider it to probably be bullshit.
On the other hand, well-trained and educated economists could perhaps be incentivized to call something bullshit for reasons outside of academia. Like let's say, hmmm, I don't know, for personal gain?
- eli_gottlieb 13y agoLet's imagine what happens in a world where Austrian Economics is true, but economists are lying to the rest of us for personal gain. First prediction: the economists will tell us that Austrian economics is wrong, but then use the Austrian theories they secretly know are actually true to invest their own assets. Anyone got an economist's portfolio to look at?
- mbesto 13y agohttp://en.wikipedia.org/wiki/Glenn_Hubbard_(economist)#Inside_Job_interview_and_aftermath http://en.wikipedia.org/wiki/Glenn_Hubbard_(economist)#Insid... http://www.youtube.com/watch?v=CaXNqGgIc-g http://www.youtube.com/watch?v=CaXNqGgIc-g It's also worth noting that economics is arguably a pseudo-science, as the theories themselves cannot be reproduced independently by external parties. So it's really hard to argue whether Austrian economics is "right" or "wrong".
- eli_gottlieb 13y agoI find it pretty hard to count him as evidence for anything, considering that he comes from the supply-side school. They're kind of known for being paid propagandists for particular business and political interests. Hell, he doesn't even seem to use Austrian Economics, or any other economics, himself, if he mixes himself up with entirely conventional financial firms like Blackrock and MetLife.