{"id":11409,"date":"2014-12-08T18:09:16","date_gmt":"2014-12-08T23:09:16","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=11409"},"modified":"2014-12-08T18:09:16","modified_gmt":"2014-12-08T23:09:16","slug":"economics-is-just-politics-masquerading-as-science-pragmatic-capitalism","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2014\/12\/08\/economics-is-just-politics-masquerading-as-science-pragmatic-capitalism\/","title":{"rendered":"Economics is just politics masquerading as science | Pragmatic Capitalism"},"content":{"rendered":"<p>From Cullen Roche:<\/p>\n<blockquote><p>&#8230;.much of economics is just politics masquerading as science<\/p><\/blockquote>\n<p>In an <a href=\"http:\/\/pragcap.com\/economics-is-mostly-a-policy-debate-masquerading-as-a-scientific-debate\" title=\"Economics is Mostly a Policy Debate Masquerading as a Scientific Debate\" target=\"_blank\">earlier blog<\/a>, Roche discusses the reasons for this (emphasis added):<\/p>\n<blockquote>\n<ul>\n<li>Most of economics involves conforming a political bias with a world view. &nbsp;For instance, most Keynesians start with government spending and taxing, how those government policies can influence the economy and then interpret a \u201cmodel\u201d in such a way that confirms their political bias. &nbsp;Monetarists start with the central bank and interpret a more laissez-faire view of a \u201cmodel\u201d to interpret how policy can impact the economy. &nbsp;Austrians start with the private sector and build a \u201cmodel\u201d that seeks to eliminate government. &nbsp;So on and so forth. &nbsp;Every \u201cschool\u201d of economics has a very specific ideology and the political lines are very clearly drawn. &nbsp;This doesn\u2019t even approach \u201cscience\u201d. &nbsp;It\u2019s more like religion.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><strong>If economics were more of a science<\/strong> it would start with stylized fact. &nbsp;<strong>It would start purely with how the system works and how it functions at the operational level<\/strong> instead of looking at how a certain political entity can use certain policies to conform to a particular world view.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>Why did most economists fail to predict the crisis or prescribe the right cures? &nbsp;Because they\u2019re not working from the foundation of stylized fact. &nbsp;They\u2019re working from a policy bias position that renders their world view inapplicable much of the time.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li>So, what is economics good for? &nbsp;Unfortunately, not very much given that so much of it is really just a policy debate masquerading as a scientific debate. &nbsp; And until we start getting more scientific, like say, trying to figure out how key institutions (like banks) in our monetary system operate, then we\u2019re just chasing our own tails thinking that economics is useful.<\/li>\n<\/ul>\n<p>Read more at <a href='http:\/\/pragcap.com\/economists-are-politically-biased-and-thats-a-good-thing'>Economists are Politically Biased and That\u2019s a Good Thing | Pragmatic Capitalism<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>From Cullen Roche: &#8230;.much of economics is just politics masquerading as science In an earlier blog, Roche discusses the reasons for this (emphasis added): Most of economics involves conforming a political bias with a world view. &nbsp;For instance, most Keynesians start with government spending and taxing, how those government policies can influence the economy and &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2014\/12\/08\/economics-is-just-politics-masquerading-as-science-pragmatic-capitalism\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Economics is just politics masquerading as science | Pragmatic Capitalism&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[49],"tags":[1182,2709,2907,3051],"class_list":["post-11409","post","type-post","status-publish","format-standard","hentry","category-economic-theory","tag-economics","tag-politics","tag-religion","tag-science"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Economics is just politics masquerading as science | Pragmatic Capitalism - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economics is just politics masquerading as science | Pragmatic Capitalism - the patient investor\" \/>\n<meta property=\"og:description\" content=\"From Cullen Roche: &#8230;.much of economics is just politics masquerading as science In an earlier blog, Roche discusses the reasons for this (emphasis added): Most of economics involves conforming a political bias with a world view. &nbsp;For instance, most Keynesians start with government spending and taxing, how those government policies can influence the economy and &hellip; 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Overall public and private debt, by this measure, peaked at 302% of GDP in the first quarter of 2009. Since then, it has fallen to 279% as the economy has grown and some\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7548,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/24\/the-grave-evil-of-unemployment-bryan-caplan-econlog-library-of-economics-and-liberty\/","url_meta":{"origin":11409,"position":2},"title":"The Grave Evil of Unemployment, Bryan Caplan | EconLog | Library of Economics and Liberty","author":"ColinTwiggs","date":"April 24, 2013","format":false,"excerpt":"Bryan Caplan makes the case for a fresh approach from free-market economists: At the level of high theory, free-market economists love market-clearing models. If there's surplus wheat, the price of wheat will fall to clear the market. If there's surplus labor, similarly, the wage will fall to eliminate unemployment. What\u2026","rel":"","context":"In &quot;Banks &amp; Interest Rates&quot;","block_context":{"text":"Banks &amp; Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1635,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/28\/income-excluding-government-transfers-drops-again-real-time-economics-wsj\/","url_meta":{"origin":11409,"position":3},"title":"Income Excluding Government Transfers Drops Again &#8211; Real Time Economics &#8211; WSJ","author":"ColinTwiggs","date":"October 28, 2011","format":false,"excerpt":"Friday\u2019s Commerce Department report shows that personal income indicator has declined for three consecutive months \u2014 at a 2% annual rate. In the past, such steep drops in that category have been followed, three-quarters of the time, by a recession, according to Mr. Rosenberg\u2019s [David Rosenberg of Gluskin Sheff &\u2026","rel":"","context":"In &quot;US &amp; Canada&quot;","block_context":{"text":"US &amp; Canada","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/us-canada-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5525,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/19\/canadas-budget-cut-veteran-has-warning-for-u-s-real-time-economics-wsj\/","url_meta":{"origin":11409,"position":4},"title":"Canada\u2019s Budget-Cut Veteran Has Warning for U.S. &#8211; Real Time Economics &#8211; WSJ","author":"Colin Twiggs","date":"September 19, 2012","format":false,"excerpt":"By Paul Vieira Speaking at an event sponsored by the American Enterprise Institute, a conservative-leaning think tank, [former Canadian Prime Minister\u00a0Paul Martin] said whoever wins November\u2019s election must address the U.S.\u2019s burgeoning deficit the very next day because the economy is at risk of reaching a \u201ctipping point.\u201d .......Mr. Martin\u2026","rel":"","context":"In &quot;US &amp; Canada&quot;","block_context":{"text":"US &amp; Canada","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/us-canada-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3246,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/01\/05\/euro-zone-isnt-only-potential-2012-boogey-man-real-time-economics-wsj\/","url_meta":{"origin":11409,"position":5},"title":"Euro Zone Isn\u2019t Only Potential 2012 Boogey Man &#8211; Real Time Economics &#8211; WSJ","author":"ColinTwiggs","date":"January 5, 2012","format":false,"excerpt":"Here are three more to add to the list. 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