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> Well, it's not like mainstream econ cares about empirical evidences either... Mainstream economics is tested against the real world, both through policies th

• generic92034 3y ago
  And how well does that work, unless you are picking the winning economist opinion in hindsight? For any currently open economical topic you will find diverging or even contradictory opinions by well-established economists. Some of them are bound to have been right, after the fact.
• littlestymaar 3y ago
  I wish it did. If it did, we would have finally gotten rid of most of the monetarist bullshit after it was steadily proven wrong by 2 decades of QE and zero interest rates in Japan and one decade in the western world… But it doesn't and now the theories that have been empirically wrong for two decades are still in used to explain the current inflation rate… That's the biggest issue with how mainstream economics works: it mostly stands on two legs (classical and Keynesian, roughly) which are both proven wrong by the real world on a regular basis but come back in flavor when the other one fails (and the Neoclassical synthesis is the wrong approach to this problem, and is in fact wrong twice as often).
  • Kratacoa 3y ago
    To me it seems that it's an issue with the political class rather than with economical theory; at the very least, I've seen these policies denounced from the outset by the economists I follow.
    • littlestymaar 3y ago
      I'm not sure I understand what you're trying to say here: what policies being denounced by economists you follow?