0 sats \ 2 replies \ @Undisciplined OP 3 Apr \ parent \ on: Markets and Science are Self Correcting in the Long Run FiresidePhilosophy
Keynesianism is sort of fringe, just not amongst people who go to work for the Fed. Most economists are neoclassical micro people who don't put much stock in modern macro. Even some macro people see the importance of micro-foundations for macro theories.
Think about a damped oscillator. It doesn't always move towards it's final state, but the swings become smaller over time.
None of the Austrian work ever represented the mainstream of the profession.
Keynesianism is sort of fringe, just not amongst people who go to work for the Fed.
The governments have officially blamed Monetarism for GFC even though they printed way more money than Monetarists recommended and GFC is exactly the sort of thing that Monetarists expect in such a case.
Most economists are neoclassical micro people who don't put much stock in modern macro.
Most economists were educated before GFC and the goverment can't just flip a switch to make them all Keynesians. I would describe the micro people who don't put much stock in modern macro as economists who see the scam but are too afraid to call it out because they're paid by the public funds, that is, the government. The problem however is that public universities educate new economists in Keynesianism these days.
Would you also describe the Soviet biologists living in times of Lysenko as non-geneticists who don't put too much stock in modern (from their viewpoint) genetics? My point is that we're exactly in this situation.
Think about a damped oscillator. It doesn't always move towards it's final state, but the swings become smaller over time.
Yeah I know how convergence works. I just don't see the swings becoming smaller.
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You're putting way too much stock in the messaging that comes out of the US Government. That's not what anyone is talking about when they talk about the scientific process.
I don't think the Soviet Union prevented biology from converging on the truth, just because they imposed a stupid ideology within their borders for a limited period of time.
We can agree to disagree, though.
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