A good read from HuffPo:
Economists involved with public policy are particularly susceptible to false confidence, even thougheconomic predictions have proven notoriously inaccurate. One might have thought that recent events would have induced some humility among those who not only failed to foresee the financial crisis of 2008 (in some cases, even denying that it was a possibility) but also made predictions about subsequent events that have proven completely wrong. Rather than acknowledge their own uncertainty, however, Romney’s team is doubling down on their theories by asserting that the Obama administration has made things worse not simply with the policies they actually enacted, but also with the policies they might enact — accusing them, in essence, of economic thoughtcrime.
#1 by cav on August 19, 2012 - 11:24 am
http://cnnpressroom.blogs.cnn.com/2012/08/15/soledad-obrien-fact-checks-700-billion-medicare-cut-claim/
#2 by cav on August 19, 2012 - 11:47 am
The only reason to change ‘The Best System In The World’ would be if it could be improved (cheaper, better outcomes). But since it IS ‘The Best System’ it is logically impossible to improve.
Therefore any fact you present about how we can cover more people, with better outcomes, at probably 50% less, MUST BE WRONG.
See, once you start using Wingnut Logic (begin with your desired conclusion and work back to desired facts) it all becomes clear.
#3 by brewski on August 19, 2012 - 4:38 pm
Another nonsensical post:
What this post says is that since many economists failed to accurately forecast the future regarding the crash, even though others did, that means that their understanding of what does not work in economics and what does work must also be wrong.
This post confuses the ability to predict the future with understanding what policies work and what are harmful Hardly parallel ideas.
It also confuses macro economics with micro economics.
He also completely ignores rational expectations theory, as though expectations of future policies have no bearing on people’s decison-making. Rational expectations theory defines this kind of expectations as being identical to the best guess of the future (the optimal forecast) that uses all available information.
So even if the bill bas not been passed which will raise taxes and lower after tax returns to investors, if people expect that that might happen, then the mere expectations of that possibility will curtail investment.
What a clod.