Economy is no science
https://m.youtube.com/watch?time_continue=1&v=1Jlyv1hCTr0
David Susuki roasting economics.
8 years ago in #economy by oaldamster (68)
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Most economic theories are no more than belief systems based on folklore, bigotry and magical thinking. You can tell by the fact that the theories aren't adjusted or rejected when they fail to predict correctly; usually, reality is blamed for not cooperating.
That sums it up for me in a very sharp way. Thanks for sharing.
The magic of 'economical growth', the one thing that is actually thought to be able to do so for ever...
The free market solving any and all problems, another nice bit of magical thinking. Not all theories are nonsense though, MMT looks promising as a theory for fiat-money economies, and has the added benefit that the Austrian School thinks it is dead wrong 8-). MMT is still being developed, I follow this blog to stay current with it.
Yes, I am not buying that either. And indeed, it is more than just 'this versus that'. I am keeping an open mind.
Thanks for the link, will bookmark it, to read about this 'Modern Monetary Theory' at a later stage.
Ludwig von Mises is pretty scathing about the current mainstream of economics too. It is even worse now than when he wrote his books.
There are a lot of people questioning that what has been taught to us as economics. And I think that is a healthy developement.
His books describe fixed exchange rate regimes. Most English speakers live in countries with floating exchange rate regimes, which often behave in the opposite manner.
How about psychology, is it science? )
If it is, than economics should be too )
I can not argue with rhetorics.
So, with all due to respect, I leave it at that we agree to disagree.