I have a massive disagreement with economist myself on one key issue
all of our models and fancy math about economics are pure useless garbage and we should throw it away because rationalism is not a valid path to economic knowledge, only empiriicsm can yield economic insight.
So shut the fuck up, stop making predictions, throw your models away and start doing experiments because its the only way to obtain valid AND sound ecoonomic knowledge.
You might think Raise the minimum wage and The rational thing to do is to lower employment to offset cost and raise the cost of goods in the store but often business owners don't actually do what economist predict they will forecast and say is the rational thing to do.
Because economics is the study of man under market forces and humans are not entirely rational creatures so they don't necessarily do what economist predict they will do on paper and if you think you can make projections about human behavior in the market on paper you are dead wrong.
you can however conduct experiments get result and commit those results to paper and then through such experiments begin to maybe make predictions.
if all your thought experients don't actually hold up in reality then what good are they? if the econ 101 textbook says one thing and then something different happens in reality the text book is wrong.
So shut the fuck up, stop making predictions, throw your models away and start doing experiments because its the only way to obtain valid AND sound ecoonomic knowledge.
You might think Raise the minimum wage and The rational thing to do is to lower employment to offset cost and raise the cost of goods in the store but often business owners don't actually do what economist predict they will forecast and say is the rational thing to do.
Because economics is the study of man under market forces and humans are not entirely rational creatures so they don't necessarily do what economist predict they will do on paper and if you think you can make projections about human behavior in the market on paper you are dead wrong.
you can however conduct experiments get result and commit those results to paper and then through such experiments begin to maybe make predictions.
if all your thought experients don't actually hold up in reality then what good are they? if the econ 101 textbook says one thing and then something different happens in reality the text book is wrong.
