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213 sats \ 7 replies \ @Undisciplined 8h \ on: Why America gave up on economists econ
The price will be paid.
As much as I criticize my own profession, there are some things we’ve figured out over the years.
Honestly, before I found Ron Paul I thought the profession was mostly nonsense. I still think that but there are some good ideas/people.
Keynesian econ was dominant when was coming up. Its nonsense. The Austrian school has a humility that is lacking in the math based economics.
I still remember pissing off one of my econ profs in college by asking simple questions. She was a hard core Keynesian and it just sounded like nonsense to me. At that point I had not read or even heard of Mises, or Rothbard.
A few years later reading Economics in One Lesson answered so many questions. It connected so many dots.
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Sounds like you got a bad prof. Do you remember what questions you asked her?
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Yeah... as critical as I am about my own profession, I resolutely believe that we need more economics education in America, not less.
One issue is that it's kinda hard to get young people interested in economics. I notice a definite pattern that older people tend to be more interested in econ, because they've had more personal experiences of how it impacts their life.
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Rothbard had some line about how people become interested in economics once they realize they’re getting screwed and want to understand how.
I suppose you have to live a little to get to that point.
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96% of scientists economists agree...
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Don’t get me wrong, we do a lot of damage too.
Price controls and transactions costs are in the good part of that 96%, though.
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