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View Diary: Paul Krugman hits the nail on the head (9 comments)

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  •  An admission of error depends on the ability (2+ / 0-)
    Recommended by:
    Lujane, Eric Twocents

    to perceive a sequence of events and to relate the present to the past. It is necessary to be able to compare, if only the imagined with the real.
    Some people are, apparently, incapable of performing that function. At best, if they happen to have studied economics, they accumulate data and assume that trend lines will continue indefinitely. I don't think they ever go back to compare the ectual with the predicted, because comparison is simply not their thing.
    Yes, you might think that comparison is central to analysis, but much "higher" education has been focused on memorization and regurgitation. Degrees were granted on the basis of people having "mastered" the accumulated wisdom of the ages. That wasn't just true of history and the cannon of American literature. Why were female studies disdained? Because they hadn't been given the imprimature of the ages.
    Research, for the most part, consists of proving or disproving the accepted wisdom. If the old is disproved and there is a new hypothesis, the hurdles it must overcome are very high.

    Friedman himself is not willing to accept that currency is merely a measure of relative value and, like any other measure (inch, yard, mile) worthless in and of itself.

    We organize governments to deliver services and prevent abuse.

    by hannah on Mon Jul 01, 2013 at 01:41:03 PM PDT

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