“The inverse relationship between quantity demanded and price is the core proposition in economic science, which embodies the presupposition that human choice behavior is sufficiently rational to allow predictions to be made. Just as no physicist would claim that water runs uphill, no self-respecting economist would claim that increases in the minimum wage increase employment. Such a claim, if seriously advanced, becomes equivalent to a denial that there is even minimal scientific content in economics, and that, in consequence, economists can do nothing but write as advocates for ideological interests. Fortunately, only a handful of economists are willing to throw over the teaching of two centuries; we have not yet become a bevy of camp-following whores. —Nobel Laureate James M. Buchanan What hes say is that we have over 200 years of data to back up Conservative economic assertions. People talk about economics like its astrology -- a million opinions and interpretations without any hard science behind any of them. Thats complete nonsense. Economics has a colossal mountain of data that can be analyzed, has been studied in the minutest detail and offers reliable predictions for the future. For example, we said the bailouts wouldnt work and why. They didnt. We said these economic policies wouldnt work, and why. They havent, now 5 years down the road, long past the point where a reasonable man would realize they have failed. We said Obamacare would fail and why -- and it has failed in precisely the manner we predicted. When will people stop believing in fairy tales and start listening to the facts?
Posted on: Sat, 01 Feb 2014 06:40:18 +0000
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