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Originally Posted by Bill8
whats wrong with mainstream economics is that it hasn't accurately predicted a number of the critical events of the past 30 years, including specifically multiple bubbles, the systemic corruption that followed deregulation, and the recent loss of 12 trillion in individual wealth (using one commonly stated number, which I take from barry ritholtz), among dozens of other events. all of these events were defended by economists and pundits while they were happening, and have yet to be explained by said pundits.
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Mainstream economics hasn't predicted, while classical and Austrian school economists have.
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so as far as I'm concerned, the entire edifice of economic theory is suspect.
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Not economic theory, but mainstream economic theory.
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and, more crucially, discussing theory doesn't accomplish anything real, that occurs in the actual economy and political and social systems.
so, I prefer to focus on real world examples and the complexities of realpolitik.
in your presentation above, you are arguing by assertion, you provide no evidence to support your assertions, you dont present your assertions particularly well, they are 80% or more editorial comment.
editorial is not argument, it is commentary.
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What I'm providing is fact, because it has happened before and just not in America. What "specifics" are you looking for?
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now, like I said, I reject economic theory as the basis for real world problem solving, because it hasnt been predictive.
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Bullshit, I can name you 12 economics that predicted the .com bubble, as well as the financial/real estate crisis. The same economists predict an overall economic collapse and it's not based on theory, but rather common sense when you look at every economic indicator.
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I do not anticipate that you and I can debate particularly well. I'm not particularly interested in debating the things you care about, and I suspect you aren't interested in debating the things I care about. Unlike some, it's fairly hard to pull me into debating something I consider not relevant to my interests.
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I have knowledge about a great deal of things. The problem with debating on this forum is that for every person who can debate, you'll get 100 who are complete morons and will troll the thread..
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for example, this whole world war 2 debate, while vaguely interesting as a discussion of military history, is a digression into something that is an attempt to argue away an initial point argued early in this thread.
the argument went - "the US was once great, therefore you should repect us now and not say mean things about the US if you are from another country.".
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I must have missed that "argument" then. I'm not sure who'd be dumb enough to say something like that but on this forum, anything goes.