tag:blogger.com,1999:blog-1462488453822156883.post4681122259443704768..comments2024-03-28T22:51:37.034+11:00Comments on loon pond: In which the rolling Stone gathers onion rings ...Unknownnoreply@blogger.comBlogger3125tag:blogger.com,1999:blog-1462488453822156883.post-7763369756873243362018-02-26T16:32:01.528+11:002018-02-26T16:32:01.528+11:00Yes, the Austrians & Keynesian are in a sort o...Yes, the Austrians & Keynesian are in a sort of hundred years war. There has been a lot of clever stuff done pointing out their errors in data analysis or the rather hokey assumptions they both make about human behaviour but they just blunder on repeating their creeds. I think it is because the discipline is a bit incestuous - they only tend to listen to their own. Mandelbrot, among others, pointed out errors in traditional methods & assumptions but nothing ever seems to get through.Befuddledhttps://www.blogger.com/profile/16201490489888639207noreply@blogger.comtag:blogger.com,1999:blog-1462488453822156883.post-13526143580449121722018-02-26T15:23:44.895+11:002018-02-26T15:23:44.895+11:00Very much like a religion, Bef; indeed very much l...Very much like a religion, Bef; indeed very much like the so-called Christian religion with a plethora of sects and cults and schisms and splinters and organised heresies. And even a proto-Pope and Vatican at one stage (Milton Friedman and the University of Chicago).<br /><br />Even Australia has various factions with their various belief axioms and ideologies - and the occasional heretic such as Steve Keen (still no housing bubble burst yet).<br /><br />Just the usual state of mutual ignorance and disdain in rationalist versus empiricist convictions.GrueBleennoreply@blogger.comtag:blogger.com,1999:blog-1462488453822156883.post-60195910850811753352018-02-26T13:53:40.143+11:002018-02-26T13:53:40.143+11:00No degree? Judging by their raft of "experts&...No degree? Judging by their raft of "experts" on climate, energy, telecommunications & environment I had assumed they saw a relevant qualification as some sort of impediment to reporting. <br /><br />In any case, a degree in economics never seems to confer much understanding. It's more a religion than a science - it can mean whatever you want it to mean. If you are working for Treasury or the RBA you have to conform to a strict orthodoxy or you will be cast out. If you are employed in academia you may be able to follow the facts a bit more closely without treading on important toes. All very predictable.Befuddledhttps://www.blogger.com/profile/16201490489888639207noreply@blogger.com