There's Always Another Awful Idea

I was reading a transcript of one of Lew Rockwell's speeches and it inspired me to talk a little bit about the dangers of positivism in economics and the value of a logical, causal theory as a framework for economic thought.

The big problem with positivism in policy decisions is that there is a practically limitless number of bad policies to try, and also a practically limitless number of ways to analyze those complex results. Eventually, one of those methods will hint at a possible correlation, and then more fiddling will inevitably justified.

By the way, the people promoting these bad policies typically write the policies to enrich themselves, and face no consequences if the results are catastrophic.

Read the speech here: https://mises.org/mises-daily/mises-and-liberty

Show notes at: https://marginalnonhermit.com/?p=544

Want more content like this? Visit my blog at https://marginalnonhermit.com