104
Nobel laureate economist savages his own profession as clueless and unethical
(www.crikey.com.au)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 24 Mar 2024
104 points (100.0% liked)
news
23527 readers
653 users here now
Welcome to c/news! Please read the Hexbear Code of Conduct and remember... we're all comrades here.
Rules:
-- PLEASE KEEP POST TITLES INFORMATIVE --
-- Overly editorialized titles, particularly if they link to opinion pieces, may get your post removed. --
-- All posts must include a link to their source. Screenshots are fine IF you include the link in the post body. --
-- If you are citing a twitter post as news please include not just the twitter.com in your links but also nitter.net (or another Nitter instance). There is also a Firefox extension that can redirect Twitter links to a Nitter instance: https://addons.mozilla.org/en-US/firefox/addon/libredirect/ or archive them as you would any other reactionary source using e.g. https://archive.today . Twitter screenshots still need to be sourced or they will be removed --
-- Mass tagging comm moderators across multiple posts like a broken markov chain bot will result in a comm ban--
-- Repeated consecutive posting of reactionary sources, fake news, misleading / outdated news, false alarms over ghoul deaths, and/or shitposts will result in a comm ban.--
-- Neglecting to use content warnings or NSFW when dealing with disturbing content will be removed until in compliance. Users who are consecutively reported due to failing to use content warnings or NSFW tags when commenting on or posting disturbing content will result in the user being banned. --
-- Using April 1st as an excuse to post fake headlines, like the resurrection of Kissinger while he is still fortunately dead, will result in the poster being thrown in the gamer gulag and be sentenced to play and beat trashy mobile games like 'Raid: Shadow Legends' in order to be rehabilitated back into general society. --
founded 4 years ago
MODERATORS
Even in disciplines like physics, it is known that one simple set of rules can not be extrapolated to explain all circumstances. The study of aerodynamics separates mechanics into several 'regimes,' because things behave quite differently under subsonic and supersonic conditions. A similar dichotomy exists between traditional Newtonian mechanics and relativity. If the market oracles getting spit out by the Chicago School are treating economics like physics, they are the type of physicist who still upholds the plum pudding model.
It’s worse than that, even. The plum pudding model IIRC was always understood to be an approximation.
Vulgar economy is less forgivable. It is essentially anti-scientific, by rejecting the possibility of economic laws which are not identical with appearances. The vulgar economists are like astronomers still clinging to the Ptolemaic system (geocentric model), because the sky in fact appears to rotate about the earth. Marx here plays the role of Galileo, using science to prove that there are deeper laws governing the motions of celestial objects.