praxeologist on Nostr: So called Economists in academia try to understand complex systems by looking at ...
So called Economists in academia try to understand complex systems by looking at their outputs and guessing patterns—foolish, arrogant, or both! Engineers, on the other hand, analyze complex systems by studying their smallest active parts and building up from there.
That’s why more engineers should read #Mises. He was the first to truly grasp that human society is a complex system and must be studied like one—by understanding human action first and building logical conclusions from the ground up!
Ironically, economists don’t actually analyze data to find the truth. They start with their favorite policy (leftist education, right-wing tariffs, etc.) and then torture the data to fit their agenda. That’s why they can’t agree on anything!
Next time you find yourself doubting Bitcoin thanks to the 'brilliant experts' over at MIT, Harvard, and the like, just remember that Paul Samuelson habitually overestimated Soviet economic growth (for 20 years, from 1961 to 1980).
Here’s a nice table summarizing the numbers relayed to millions of students over the decades:
Levy and Peart find that Samuelson was hardly alone. Successive editions of competing textbooks were also stubbornly optimistic about the USSR.
Read more on Caplan's blog:
https://www.betonit.ai/p/why_were_americhtml
#Grownostr #Bitcoin #Freedom #Economics #Soviet #Experts #EconHistory
#grownostr
Published at
2025-03-25 14:32:20Event JSON
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