Monday, August 9, 2010

Economists have none of that-really!

J Bradford DeLong writes:

  • One of the dirty secrets of economics is that there is no such thing as ‘economic theory’ . There is simply no set of bedrock principles on which one can base calculations that illuminate realworld economic outcomes…..

  • Economists have none of that. The ‘economic principles’ underpinning their theories are a fraud — not fundamental truths but mere knobs that are twiddled and tuned so that the ‘right’ conclusions come out of the analysis.

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