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cotsuka

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cotsuka

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I'm saying calling something Austrian or Keynesian is inherently political. We should come up with economic models, whether they're Austrian, Keynesian, alien, or dumb, test them against data to see if they hold up, and refine until we get close. Aka, what scientists do.

Great article the other day from Krugman about this very topic. Economics might be a science, but economists are not being scientists about it. http://krugman.blogs.nytimes.com/2013/10/21/maybe-economics-...

The other important thing is to reduce uncertainty as much as possible. You don't want your inflation rates to bounce around like crazy from day to day. Instead, you'd like to be able to keep them within certain limits so people can plan ahead to the future.

If I'm not sure what inflation will be day-to-day, I can't make an accurate prediction as to whether I should save my money or spend it.

Austrian school not holding much weight with academics is like wondering why creationism doesn't hold much weight with academics. Lots of things can be explained with creationism, but it doesn't mean it's right. Many Austrian economists rail against the use of quantitative models and such. But without them, how can you measure the efficacy of your policies? Faith that the policy works... But most academics like to be able to test things.

I'm also not saying creationism isn't right. I can't prove anything.

Well there was that famous CIA statue that nobody could figure out for a while. Turns out the NSA solved it pretty fast, but they just didn't tell anybody.

And being the codemasters for the most powerful western country, I should hope that they employ people who are able to beat what people do on their free time.

For tech geeks, maybe. For the majority of the population? I doubt it. There are still people who aren't sure what version of Windows or OS X they're running on their laptops. Now they need to know which version of Android their phone is on?