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Geee. I jsut do not udnerstand..

I just do not get anything... It seesm like Greenspan is saying this stuf because it can.. but one could make another narrative, as the one Jerome is doing.. but there is actually not fundamentals to support one or the other.

Economics is void of any of the scientific fundamentals.. it does not even have a set of standard data features whcih could be analyzed.

While the economy at the Gilled Age and depression could be at least addressed by using Keynnes economics and udnerstaning the things that were not known and the facts that could be know, now, the finantial markets have distorted the GDP, inflation and a lot of otehr stuff of its meaning.. maybe it is more than jsu the finantial dostrtion... but I think it is time to rethink economics.. it just does not work anymore... one could say as Krugman.. there is only a  small set of stuff that you can certainly NOT say.. other than that.. narratives are equally valid..

IN other words..we may guess that the morgage scheme in the US made no sense as Krugman points out in his blog, just by looking at numbers of rental vs selling.. but knowing how and how deep would a crash of the bubble happen was impossible to know... so you can perfecy apply dogma or political visions to explain it and to deal with it..a dn ahrdly noone will eb able to tell you anyhing for sure.

Add to this the contamination of non-enquiring scientific minds with no freaking idea about maths and you get a very awful picture... economic articles keep on sounding as other purely symblic knowledge ... like astrology...being everythign reduce to a competition of naraatives (which is not small featrue but still...).

A pleasure

I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude

by kcurie on Wed Dec 12th, 2007 at 10:23:45 AM EST

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