On Thursday, March 6, 2008 at 19:53:58 (-0800) David B. Shemano writes: >Jim Devine writes: > >>> > The argument between Chicago and MIT seems to be over whether perfect >>> > markets >>> are a "good approximation" or a "bad approximation" to reality. Masonomics >>> goes >>> along with the MIT view that perfect markets are a bad approximation to >>> reality. But we >>> do not look to government as a "solution" to imperfect markets.< >>> >>> So the GMU types side with Chicago in practice even if they differ in >>> theory. It's practice that counts. > >Are you saying that if a theory leads to a practice you dislike, you should >reject the theory? The appropriate approach is to define the practice you >like, then figure out a theory to justify it? If practice precedes theory, >how do you justify the practice?
Theory: Blacks are less intelligent than whites by nature. Test this against real-world evidence, and you reject the theory. Do you have a problem with such a practice? Bill _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
