Tuesday, July 23, 2013

No Confidence

I always get mad when policy arguments move into intangibles such as "confidence, expectations, or structural problems". These terms are used by people who are confused and don't know what they are talking about, or people who's ideology/worldview has failed to describe reality and need a rhetorical escape hatch. Since modern economics has failed to live up to a lot of outdated models, many  arrogant economists, instead of admitting they were wrong, simply start making things up.

It is now obvious that economics is more than just the "dismal science" - it is really a pseudo-science. In no other fields of study do you hear so called experts using intangibles to justify the non-performance of their models. Real scientists are concerned with finding the truth, even if that means scrapping old models, no matter how much time was devoted into developing them. Many high profile economists, on the other hand, seem to be concerned only with maintaining their public reputation to a high enough degree to keep their corporate cash rolling in. There is no need to seek the truth when you get paid to be wrong.

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