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>> If a Nobel-winning physicist was writing about physics, you wouldn't dismiss it because the physicist's politics don't agree with yours. First of all, Physi

>> If a Nobel-winning physicist was writing about physics, you wouldn't dismiss it because the physicist's politics don't agree with yours. First of all, Physics and Economics are two different things. Physics tends to be about facts, Economics is more about opinions, views and theories. It's not because we're not Nobel Prize winners that we shouldn't disagree with the author, and I'm sure there are many well-known economists out there who won't agree with him. >> Also, his point about BitCoin enthusiasts being unable to distinguish between what makes a good currency and what pushes their ideological buttons may apply to you. Bitcoin enthusiasts are not the only users of Bitcoin. I use Bitcoin and it's for no ideological reason. It's helping me better than any other payment system right now and that's all I care about.

ubernostrum 13y ago
It's not because we're not Nobel Prize winners that we shouldn't disagree with the author, and I'm sure there are many well-known economists out there who won't agree with him. There are plenty of economists who don't agree with Krugman. But they would disagree for actual reasons instead of "OH NOES THE WORD LIBERAL APPEARS IN THIS COLUMN".
jshen 13y ago
Economics is about models that are verified by past events, and further tested through their ability to predict future outcomes. This is the opposite of pure opinion. The fact that many pundits ignore this doesn't make it go away
- icelancer 13y ago
  This is not, strictly speaking, totally accurate. Praxeology doesn't necessarily agree with this viewpoint.
  - jshen 13y ago
    That's why you shouldn't follow Austrian economics. Edit: also, Austrian economics is like pseudoscience, it isn't representative of real economics
    - icelancer 13y ago
      Some would say that the Keynesian model is psuedoscience for having untestable priors. I don't have a dog in the fight but neither do I think your screed against Austrian economics is an airtight argument.
      - jshen 13y ago
        Which model fits reality better? I think the answer is clear given the evidence. Edit: what are the priors you are speaking of.

ubernostrum 13y ago

It's not because we're not Nobel Prize winners that we shouldn't disagree with the author, and I'm sure there are many well-known economists out there who won't agree with him. There are plenty of economists who don't agree with Krugman. But they would disagree for actual reasons instead of "OH NOES THE WORD LIBERAL APPEARS IN THIS COLUMN".

jshen 13y ago

Economics is about models that are verified by past events, and further tested through their ability to predict future outcomes. This is the opposite of pure opinion. The fact that many pundits ignore this doesn't make it go away

icelancer 13y ago
This is not, strictly speaking, totally accurate. Praxeology doesn't necessarily agree with this viewpoint.
- jshen 13y ago
  That's why you shouldn't follow Austrian economics. Edit: also, Austrian economics is like pseudoscience, it isn't representative of real economics
  - icelancer 13y ago
    Some would say that the Keynesian model is psuedoscience for having untestable priors. I don't have a dog in the fight but neither do I think your screed against Austrian economics is an airtight argument.
    - jshen 13y ago
      Which model fits reality better? I think the answer is clear given the evidence. Edit: what are the priors you are speaking of.