#austrianism

[chrisinmaryville]

The Junk Science of Modern Macro-Economics

The Junk Science of Modern Macro-Economics

Source: http://bionicmosquito.blogspot.com

By Bionic Mosquito

  The Junk Science of Modern Macro-Economics

  John Mauldin has published another almost-there Thoughts from the Frontline: GDP: A Brief But Affectionate History. I say “almost-there,” because like many of Mauldin’s pieces, he gets almost-there – almost to the truth about economics and economists – without going all the way to the…

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[freemarketliberal-blog]

The classic thought experiment invoked to convey this essential difference between the sciences of human action and the physical sciences is a Martian observing the “data” at Grand Central Station in New York. Our Martian could observe that when the little hand on the clock points to eight, there is a bustle of movement as bodies leave these boxes, and that when the little hand hits five, there is a bustle of movement as bodies reenter the boxes and leave. The Martian may even develop a prediction about the little hand and the movement of bodies and boxes. But unless the Martian comes to understand the purposes and plans (the commuting to and from work), his “scientific” understanding of the data from Grand Central Station would be limited. The sciences of human action are different from the natural sciences, and we impoverish the human sciences when we try to force them into the philosophical/scientific mold of the natural sciences.

Peter Boettke

[notablyrare-blog]