Two Types of Economists: Fact-based vs. Assumption/Fantasy-based

Brad Delong expresses my thoughts quite well: One of the dirty secrets of economics is that there is no such thing as “economic theory.” There is simply no set of bedrock principles on which one can base calculations that illuminate real-world economic outcomes. We should bear in mind this constraint on economic knowledge as the … Continue reading Two Types of Economists: Fact-based vs. Assumption/Fantasy-based