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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 op
by 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 agoThis is not, strictly speaking, totally accurate. Praxeology doesn't necessarily agree with this viewpoint.
- jshen 13y agoThat's why you shouldn't follow Austrian economics. Edit: also, Austrian economics is like pseudoscience, it isn't representative of real economics
- icelancer 13y agoSome 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 agoWhich model fits reality better? I think the answer is clear given the evidence. Edit: what are the priors you are speaking of.