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Well, Samuelson is on record admitting that he deliberately excluded whole ranges of policy space from his modeling, not because those policies were more difficult to model (though they are), or because they were practically infeasible. But because he thought that politicians, when given these policy options, would make "wrong" decisions (i.e. ones he did not agree with).

That, ultimately, is the fence in modern macroeconomics which distinguishes mullahs from scientists. And once you're on the wrong side of it, the difference down to von Mises and Greenspan is merely one of degree, not of kind.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Sat Aug 3rd, 2013 at 02:40:51 PM EST
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