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overtheedge
Member since May 2012
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Ben Bernanke On Money and the Sophistry of Modern Monetary Theory

- Jesse - Le Cafe Américain

Good article except I take exception to this:
"Economics is a social science, and not a physical science."

There is no such thing as social science. The correct term is philosophy.
Science demands replicability. Science demands use of the scientific method. Science demands lots of proven hypotheses before trotting out a theory.
Whereas philosophy only requires logical well-reasoned opinion.

The concept termed "social science" was put forth to add a measure of credibility to opinion and consequently gain a much higher income by claiming to be among a select priesthood.

I refuse to bow before any priesthood. And I damn sure ain't gonna buy into the nonsense of the priests crapping on my bread and calling it peanut butter.

I leave you with this. Just a few centuries ago, science was called philosophy. No explanations existed for observed phenomena beyond opinion. For Europeans especially, it was the emergence from the dark ages that gave rise to experimentation and the conversion of opinion to replicable explanation. Were economics a science, there would be no current problems that couldn't be eliminated overnight. Stoichiometrics would be absolute. 2H+1O=H2O plain and simple. Science is, was and will always be cut and dried. Everything else is just opinion aka philosophical ramblings by a self-proclaimed priesthood.

Commented 3754 days ago

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Beginning of the headline :soph·is·try (s f -str ). n. pl. soph·is·tries. 1. Plausible but fallacious argumentation. 2. A plausible but misleading or fallacious argument. I see the Cullen Roche is back at it again, telling us all about the wonders of modern money. The Biggest Myths in Economics I will take these myths, and comment on them one by one. Some things make sense, and others, not so much. But perhaps the discussion will help to shed some light. I am going to try to do it simply and in straightforward langu... Read More

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