The cetera are not paribus. On Mon, Sep 15, 2014 at 2:46 PM, Eugene Coyle <[email protected]> wrote:
> What does Krugman mean by "imperfect reality" in this sentence: > "Economists trying to take account of imperfect reality faced ... " ? > > Gene > > > On Sep 14, 2014, at 9:01 PM, Eubulides <[email protected]> wrote: > > > [And this from a man who has railed against the notion of “economic > policy” as a morality play. Sin and epistemology, indeed. Well before I was > born, ‘the positivists’ had massive arguments over the so-called boundary > between metaphysics and science; the legal profession, between the public > and the private. And yet, today, we get the same old tired partitioning in > order to sustain a pantina of disciplinary expertise under the guise of a > confession. Foucault is howling…] > > > > > http://www.nytimes.com/2014/09/15/opinion/paul-krugman-how-to-get-economic-policy-wrong.html > > > > How to Get It Wrong > > SEPT. 14, 2014 > > Paul Krugman > > > > Last week I participated in a conference organized by Rethinking > Economics, a student-run group hoping to promote, you guessed it, a > rethinking of economics. And Mammon knows that economics needs rethinking > in the wake of a disastrous crisis, a crisis that was neither predicted nor > prevented. > > > > It seems to me, however, that it’s important to realize that the > enormous intellectual failure of recent years took place at several levels. > Clearly, economics as a discipline went badly astray in the years — > actually decades — leading up to the crisis. But the failings of economics > were greatly aggravated by the sins of economists, who far too often let > partisanship or personal self-aggrandizement trump their professionalism. > Last but not least, economic policy makers systematically chose to hear > only what they wanted to hear. And it is this multilevel failure — not the > inadequacy of economics alone — that accounts for the terrible performance > of Western economies since 2008. > > > > In what sense did economics go astray? Hardly anyone predicted the 2008 > crisis, but that in itself is arguably excusable in a complicated world. > More damning was the widespread conviction among economists that such a > crisis couldn’t happen. Underlying this complacency was the dominance of an > idealized vision of capitalism, in which individuals are always rational > and markets always function perfectly. > > > > [snip] > > _______________________________________________ > > pen-l mailing list > > [email protected] > > https://lists.csuchico.edu/mailman/listinfo/pen-l > > _______________________________________________ > pen-l mailing list > [email protected] > https://lists.csuchico.edu/mailman/listinfo/pen-l > -- Cheers, Tom Walker (Sandwichman)
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