Assumptions, metrics, empirics, historical ignorance, assuming the conclusion — let me count the ways.
Anyways, I want to focus on the failure of economic theory. I think any well-trained economist in some field knows how to tweak assumptions to get any results that they want. Start with a model of perfect competition. Add an information asymmetry, a transaction cost, a search cost, sticky prices and a Calvo fairy, some monopoly or monopsony, whatever. Then you can argue that some policy will lead back to efficient markets. Or, if so inclined, that government failure prevents any some implementation....Thoughts On Economics
How Has Economics Failed?
Robert Vienneau
1 comment:
ICYMI
Stop beating mainstream economics ― it is long dead
https://axecorg.blogspot.de/2018/04/stop-beating-mainstream-economics-it-is.html
Economics: 200+ years of scientific incompetence and fraud
http://axecorg.blogspot.de/2017/06/economics-200-years-of-scientific.html
Economists: Standing on the Shoulders of Gnomes
http://axecorg.blogspot.de/2018/04/economists-standing-on-shoulders-of.html
Overreach: Economists have their fingers in every pie except real economics
https://axecorg.blogspot.de/2018/04/overreach-economists-have-their-fingers.html
Infantile model bricolage, or, How many economists can dance on a non-existing pinpoint?
https://axecorg.blogspot.de/2018/04/infantile-model-bricolage-or-how-many.html
Profit: after 200+ years still elusive
https://axecorg.blogspot.de/2018/04/profit-after-200-years-still-elusive.html
Egmont Kakarot-Handtke
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