Anthony on Nostr: Check out footnote 2 of this: Rudd, Jeremy B. (2021). “Why Do We Think That ...
Check out footnote 2 of this:
Rudd, Jeremy B. (2021). “Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?),” Finance and Economics Discussion Series 2021-062. Washington: Board of Governors of the Federal Reserve System, [https://doi.org/10.17016/FEDS.2021.062.](https://doi.org/10.17016/FEDS.2021.062 )
( https://www.federalreserve.gov/econres/feds/files/2021062pap.pdf )
> I leave aside the deeper concern that the primary role of mainstream economics in our society is to provide an
apologetics for a criminally oppressive, unsustainable, and unjust social order.
The setup in the introduction
> Mainstream economics is replete with ideas that “everyone knows” to be true, but that are actually arrant nonsense.
> ...
> None of these propositions has any sort of empirical foundation; moreover, each one turns out
to be seriously deficient on theoretical grounds.
Nevertheless, economists continue to rely on
these and similar ideas to organize their thinking about real-world economic phenomena
#economics
Rudd, Jeremy B. (2021). “Why Do We Think That Inflation Expectations Matter for Inflation? (And Should We?),” Finance and Economics Discussion Series 2021-062. Washington: Board of Governors of the Federal Reserve System, [https://doi.org/10.17016/FEDS.2021.062.](https://doi.org/10.17016/FEDS.2021.062 )
( https://www.federalreserve.gov/econres/feds/files/2021062pap.pdf )
> I leave aside the deeper concern that the primary role of mainstream economics in our society is to provide an
apologetics for a criminally oppressive, unsustainable, and unjust social order.
The setup in the introduction
> Mainstream economics is replete with ideas that “everyone knows” to be true, but that are actually arrant nonsense.
> ...
> None of these propositions has any sort of empirical foundation; moreover, each one turns out
to be seriously deficient on theoretical grounds.
Nevertheless, economists continue to rely on
these and similar ideas to organize their thinking about real-world economic phenomena
#economics