Comments by "Curious Crow" (@CuriousCrow-mp4cx) on "Why Central Bankers are FORCED to Lie" video.
-
1
-
1
-
1
-
Lol and Hayek wasn't an Economist? Please stop treating serious stuff like a football game. To say Hayek is right about everything is as false to believe that any body is 100% right about everything. What is really sad is that you haven't even read George DiMartino's paper, or you would have realised that mainstream economics as practiced is the dismal science, because it's really more like a religion, and that includes Hayek. Economics as a discipline isn't practised as a social science. It's practised as a social science trying to convince everyone else it's a "hard" science that can produce empirically tested and proven facts without experimentation. That's bunkum. Economics is about human behaviour around resource allocation. But mainstream economics ignores that. It tries to pretend that every one is objective,rational and that they don't suffer from greed or bias. Hayek sadly falls into that groupthink. And his thought was more ideological than empirical. Real Science is supposed to describe or predict reality, not prescribe it. And don't get me wrong. Mainstream economists of whatever school tend to suffer the same problem, because the discipline's founding thinkers were ideologues too, who were concerned with "shoulds" and "oughts" instead of "what is." And we are all ill-served by that, because it ignores human nature. It's why no economic school of thought has yet predicted major economic catastrophes like 1929 and 2008. That fact alone should make you a bit more sceptical about how economics is practiced. I'm not saying to ignore your values, but what I am saying is, that your values are not necessarily reflecting the reality of how economies are run in the real world. Indeed, the idea that markets can be self-regulating is proven to be dubious by the fact alone that we can't get rid of greed and folly as human traits. How seriously can you take any body of thought that ignores greed and folly? Isn't that kind of naive? And Neoliberal economics has failed because of those tendencies, because of naive ideological beliefs. So however much you like a set of beliefs, don't cling in to them too tightly until they have solidly proven their utility in the real world. Because Madame Reality is a real bitch who takes no prisoners when she's ignored. Just ask the UK about Brexit. The people who promoted that were Hayek ideologues too. And the free financial markets flipped them the bird, and the UK economy is still punch drunk from the beating Reality is still giving it. The same will happen to any untested theory. And economics is full of them. So, the heretics in economics need to be listened to, and thought deeply about because they're pointing out the Emperor is a bit naked. But the same can happen when they become the new Emperor.
1
-
1