There is no shortage of public criticism of economics. There is even fundamental criticism about the nature of capitalism and such. What is conspicuously absent is any kind of disciplined skepticism.
Here is an exception that proves the rule:
http://faculty.chicagobooth.edu/luig...ts_capture.pdf
In medicine the influence of funding on results is well established. Economic incentives shape the content and results of research. This is not necessarily bad as long as the economic incentive is to produce better treatments. At the same time national health systems and insurance companies have an incentive to push for more efficency.
In economics I see that there is an incentive to produce good microeconomics which has practical use within companies. But as for macroeconomics, I only see an incentive to produce arguments and not facts for the highest bidder.
In Europe, powerful unions and more independent governments may provide some push-back. (Can anyone imagine an American Picketty?)
I wonder how much of the rise of the rich can be explained by systematic bias in economics.
What are your thoughts?
Here is an exception that proves the rule:
http://faculty.chicagobooth.edu/luig...ts_capture.pdf
In medicine the influence of funding on results is well established. Economic incentives shape the content and results of research. This is not necessarily bad as long as the economic incentive is to produce better treatments. At the same time national health systems and insurance companies have an incentive to push for more efficency.
In economics I see that there is an incentive to produce good microeconomics which has practical use within companies. But as for macroeconomics, I only see an incentive to produce arguments and not facts for the highest bidder.
In Europe, powerful unions and more independent governments may provide some push-back. (Can anyone imagine an American Picketty?)
I wonder how much of the rise of the rich can be explained by systematic bias in economics.
What are your thoughts?
via International Skeptics Forum https://ift.tt/2w0qyXN
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