1. The fundamental problem of modern economics
quoting Tony Lawson
Using inappropriate methodology.
2. Neoclassical economics – empty and uninformative storytelling
quoting Hans Albert
Tautology or nonsense.
quoting Jakob Kapeller
Selectively fitting the model to the data after the fact. Reminiscent of epicycles.
2 comments:
I know this adds nothing to the discussion but I can't help it: Lars Is Awesome.
He deserves a great deal of credit for his work day after day, piece by piece, detail by detail compiling rules and practices that should help even the most ignorant hard line orthodoxy begin to understand their logical, mathematical, and statistical errors. It would compile nicely into a economic methods text book.
Second that.
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