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by specialist 1480 days ago
> The models are not made properly...

Yes and: This OC refers to the empirical data.

Friedman (et al) rejected empiricism. I was gobsmacked when I finally figured out what that meant. Like, wtf are they even arguing about if they reject reality?! (Ya, I am a slow learner.)

So agree or not with Nitzan's thesis, at least critics can have constructive debates about it.

1 comments

I think it's better to think of it not as a complete rejection of reality, but recognizing the limitations of empirical methods. Mainstream economics today is arguably too focused on indicators, just collecting a bunch of data and finding correlations, then jumping to causation from that.