Row 67680

Row ID: 67680 | Dataset Entry | Axioma AXP Content Repository

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>I feel like a lot of people online think economics is some weird fight between various schools of thought, that was maybe true 50 years ago but it isn't now and really wasn't as Friedman aged.

Oh, I agree. I think the 20th and 21st century manifested a clear consolidation of schools of thought rooted in a pro-statist assumption. Central banks are presumed the superior, best possible order of political economy. If alternatives are considered at all it is only in heterodox corners without any serious power in academy or government. "What didn't work" is discarded as you say, but only within the context of the unquestioned system which operates under the assumption that there are methods that "can work" with a certain disregard for Hayek's warnings of the myopia of the planners. So we see economists always fighting the last war, seemingly oblivious to the new failures their new policies foster. When the new policies result in calamity, the central bankers and their endowed-chair or tenure-seeking apologists convene in Jackson Hole and, between the slopes and the hot tubs, devise explanations that always conveniently excuse the central banking system's role in the crises. Wash, rinse, repeat. The dismal science is ever more dismal.

FieldValue
text >I feel like a lot of people online think economics is some weird fight between various schools of thought, that was maybe true 50 years ago but it isn't now and really wasn't as Friedman aged.  Oh, I agree. I think the 20th and 21st century manifested a clear consolidation of schools of thought rooted in a pro-statist assumption. Central banks are presumed the superior, best possible order of political economy. If alternatives are considered at all it is only in heterodox corners without any s…
label r/investing
dataType comment
communityName r/investing
datetime 2024-05-23
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Raw Record

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  "text": ">I feel like a lot of people online think economics is some weird fight between various schools of thought, that was maybe true 50 years ago but it isn't now and really wasn't as Friedman aged. \n\nOh, I agree. I think the 20th and 21st century manifested a clear consolidation of schools of thought rooted in a pro-statist assumption. Central banks are presumed the superior, best possible order of political economy. If alternatives are considered at all it is only in heterodox corners without any serious power in academy or government. \"What didn't work\" is discarded as you say, but only within the context of the unquestioned system which operates under the assumption that there are methods that \"can work\" with a certain disregard for Hayek's warnings of the myopia of the planners. So we see economists always fighting the last war, seemingly oblivious to the new failures their new policies foster. When the new policies result in calamity, the central bankers and their endowed-chair or tenure-seeking apologists convene in Jackson Hole and, between the slopes and the hot tubs, devise explanations that always conveniently excuse the central banking system's role in the crises. Wash, rinse, repeat. The dismal science is ever more dismal.",
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  "datetime": "2024-05-23",
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