>This. If you look at the right ideas of Macro 101, the success rate is pretty high. Bailouts, demand-side policy, properly applied monetary stimulus, expectations management and confidence.
This is ridiculous. Economies recover from recessions and "Macro 101" people claim victory. But economies recover from recessions if you do nothing. Or you implement austerity measures.
>Most people who say "econ is not a science" have had little to no experience with people who conduct economics as a science.
People who "conduct economics as a science" have little or no connection to reality. They have grossly oversimplified models that fail to make meaningful predictions and congratulate themselves on the accuracy of their models in the complete absence of evidence.
Talk about cargo cult science. Economics isn't a science. It's just a way to fit the world into your political template.
Perhaps your economy won't recover to its former glory, like the way Japan's didn't. Then you'll have at least one first-hand empirical data point, even if you're unable to learn from observing others.
This is ridiculous. Economies recover from recessions and "Macro 101" people claim victory. But economies recover from recessions if you do nothing. Or you implement austerity measures.
>Most people who say "econ is not a science" have had little to no experience with people who conduct economics as a science.
People who "conduct economics as a science" have little or no connection to reality. They have grossly oversimplified models that fail to make meaningful predictions and congratulate themselves on the accuracy of their models in the complete absence of evidence.
Talk about cargo cult science. Economics isn't a science. It's just a way to fit the world into your political template.