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To: Paladin2

Actually, economics can explain behavior pretty well in micro-economic cases (i.e. few buyers and sellers in a single market). What it cannot explain is macroeconomics, because economists falsely believe that the underlying princples of macroeconomics somehow differ from those of microeconomics. As if I could add 2 together 1 million times, and end up with a number different than 2 million.

The Austrian economists believe the principles are the same for both cases, and I’ve heard some of them predicted 2008 before it happened.


30 posted on 07/20/2011 12:36:28 PM PDT by Thane_Banquo
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To: Thane_Banquo

Economics theory necessarily includes human behavior. That is problematic in itself. That many “economists” disagree on the basic theory for a given “problem” is prima facie evidence that most are charlatans, at best.


36 posted on 07/20/2011 12:40:48 PM PDT by Paladin2
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