October 30, 2016
Dear Jason,
In reply to
Economist shouldn't be used as source for what is "scientific"
October 28, 2016
Oh my. You seem to be so flabbergasted by my paper
criticizing the failure of economists to abide by the principles of science
that it has led you to declare: “Since economics is oh so scientific
in its approach, we should of course consult an economist on how to be
scientific.” Judging from the tenor of the rest of your criticism, this
sarcastic remark seems to say that “economics is so unscientific an
economist can’t possibly understand how truly scientific economics
realy is.” Which side of this argument are you on? If you wish to argue both
sides it’s ok with me. At least that way we may be able to agree at least
half the time ;-)
You explain ‘effective theory’ in terms of Friedman’s
as if methodology and point out that “all of physics today is an
effective theory” as if this has something to do with my paper. My paper is
about how Friedman’s as if methodology is used in economics. It’s not
about how it is used in physics. I don’t know that much about physics, but I
believe there is a fundamental difference between the two disciplines in
this regard.
As far as I can tell, the basic paradigms of physics are
not, for the most part at least, based on demonstrably false assumptions and
these paradigms can be used to explain a tremendous amount of data in
the real world. I see much of economics to be fundamentally different. The
basic paradigm of economics (specifically, the perfectly-competitive general
equilibrium model) is a) based on demonstrably false assumptions, b) has
virtually no correspondence to anything that exists in the real world, and
c) can be used to explain virtually nothing.
Now the fact is that I don’t really have any objection to
this paradigm in that I don’t see it as completely worthless, but I do
object when economists make arguments based on the false assumptions of this
paradigm that, in my view, make no sense at all other than as a
pseudo-intellectual justification for policy recommendations derived from
ideological beliefs. I could be wrong, but it seems to me that this sort of
problem was more or less purged from physics sometime in the seventeenth or
eighteenth century as the university system rose and the power of the church
declined. As a result, I don’t see the lack of consensus in physics to be in
any way comparable to that in economics due to the ideological blindness I
see as the fundamental cause of the lack of consensus in economics.
You are, of course, correct about “it
is the purview of engineering, not science, to catalog the circumstances
under which a theory works and does not work.” That was poorly written, and
I should not have been surprised that some readers would miss the point I
was trying to make. It should be noted, however, that my point is not that
difficult to grasp. I did not write the above statement with reference
to probing the limitations of quantum field theory or general relativity. I
wrote it with reference to Friedman’s example of scientist probing the
limits of Galileo’s law of falling bodies as a guide to methodology in
economics. I seriously doubt many
physicists spend time on this kind of problem, though I can imagine
situations in which engineers might be motivated to so, and I also doubt
that scientists in general view probing the limits of discredited theories
as the essence of science.
You respond to my statement that “Newton’s second law
assumes that force is equal to mass times acceleration” with the
definitive assertion: “It does not. It defines force as the rate of change
of momentum.” I find this a bit confusing. If you write the second law as F=aM
your statement would seem to make sense, but if it is written as a=F/M it
would appear to define acceleration, and M=F/a would appear to define
mass. When I looked to see how Newton actually presented his second law
(which I quoted in
footnote 6 in the original publication on my website) I found: “The
alteration of motion is ever proportional to the motive force impressed; and
is made in the direction of the right line in which that force is
impressed.” Now this sounds to me as if Newton was defining a relationship,
not simply force, mass, or acceleration, and it is the relationship that I
believe is assumed in physics, not simply the definition of force.
In any event, we are talking about semantics again, not
substance. This semantic difference does not address the substance of the
issue I raised, namely, my belief that if the assumptions underlying
Newton’s law had been demonstrably false his law would not have been
accepted by physicists in the way in which economists are willing to accept
false assumptions in economics.
The same problem arises with regard to your statement:
“The assumptions weren't rejected because they were unrealistic. They were
rejected because the theory was wrong and a new theory was put forward that
was more empirically accurate.” Now we can quibble over whether
‘unrealistic’ is different from ‘wrong’, but if that’s what you wish to do
you will have to defend the way in which Friedman used this term and the way
in which it is used by economists, not by the way it is used by physicists,
however that may be. It seems quite clear to me, even if it is not clear to
you, that “unrealistic” is nothing more than a euphemism for terms such as
‘wrong’ or ‘false’ or the expression ‘contradicted by empirical evidence’ in
Friedman’s arguments and as used by other economists as well. It's the
term economists use when they don't wish to use the more explicit term or
expression.
You are undoubtedly correct in your observation that some
biologists and chemists may object to my saying that “all of the major
advances in the physical sciences” came about as a result of rejecting
demonstrably false assumptions in physics, and I do apologize for my
carelessness in putting it that way, but your objection to my complaining
that mainstream economists justified deregulating the financial system “on
the basis of an economic theory that assumes speculative bubbles
cannot exist” because “[t]his is not an assumption, but a consequence of the
assumptions” is playing with words again. How does this affect the substance
of the issue I raised here?
How does the distinction between false implications and
assumptions change the fact that the assumed truth of this implication of
the theory ignores hundreds of years (thousands according to Graeber) of
human experience with speculative bubbles leading to economic, political,
and social catastrophes? Do you think it makes a difference that it is a
false implication that is assumed to be true rather than a false assumption
when an absurd theory is used to justify a disastrous economic policy? I
don’t think so—especially
when that false implication is the result of a set of false assumptions—and
I do not believe physicists in general would think so either.
Then we come to:
I'm pretty sure that government spending is discussed as
part of mainstream economics. Let me check.
Yep [pdf]. Is this supposed to be
some kind of other role? Has Blackford come up with an economic theory
that is more empirically accurate than mainstream economics that fits his
assumption of the primacy of government (that differs from mainstream
theories where government actions matter)? If he hasn't (and he hasn't)
then Blackford is being seriously hypocritical. He is committing the exact
same crime (assuming an unrealistic role of government for which there is
no empirical evidence) he accuses Friedman of (assuming an unrealistic
role of rational agents for which there is no empirical evidence).
followed by a litany of gratuitous accusations and
innuendo:
Is Blackford going to use a single data point as
evidence for the failure of mainstream economics? Apparently, yes. And
here he is trying to lecture people about what is "scientific"!
And you can look at economic stagnation in terms of the
mainstream paradigm (and
even with a neoclassical
slant that Blackford continues to
conflate with mainstream economics).
Blackford wants us to be scientific. Let me give a
positive example.
…heterodox economist can't seem to say how their
theories connect to mainstream economics.
This is part of Sean Carroll's great crackpot
(alternative science) checklist.
This is truly over the top. I would even say disingenuous
if it weren’t for the fact that you obviously did not bothered to look
beyond the paper you are so upset with to the eBook and three papers I link
to in the references and at various places throughout the text to provide
additional analysis and support for my arguments:
Ideology Versus Reality
Where Did All The Money Go?
Liquidity-Preference/Loanable-Funds
and The Long-Period Problem of Saving
A
Note on Keynes’ General Theory of Employment, Interest, Money, and Prices
not to mention the brilliant book,
Government Is Good, and website,
http://www.GovernmentIsGood.com, published by Douglas Amy.
If you had bothered to look at these references
(especially Ideology Verses Reality or
Amy’s website) I’m pretty sure
you would not have so flippantly assumed that adding government expenditures
to an economic model is all you have to do to account for “the essential
role of cooperative action through democratic government” in the
economic system, and at the very least it would have become apparent to you
that I have spent an excruciating amount of time and effort in examining
data and attempting to develop a theory that explains that data. It also
would have become apparent that I have spent a similar amount of time and
effort in attempting to explain the inadequacies of the neoclassical
paradigm as well, why that paradigm can’t explain the kind of economic
situation we are in today, and how that paradigm can be extended in such a
way as to correct this situation. You may not have thought that I did this
very well and rejected what I had to say out of hand if you had read it, but
you would have at least been able to see that I did try.
Now I don’t expect that if you had read these works you
would have been very impressed by what you found. The fact is, I am not all
that impressed with what I have been able to accomplish. I have no illusions
to the effect that my work has reached the status of a Principia, but
at least it does give economists something to think about even if physicists
do not choose to do so. Nor do I expect that looking at these works would
have changed your mind about how economics should be done. It is apparent
that we have different views in this regard in that you seem to view the
economic system as something comparable to a physical system that can be
understood and explained by developing equilibrium models that accurately
predict economic data. I see economics as much more than this.
I see economics as the study of a vital part of our social
system that has evolved over time into a system of markets and governmental
institutions that provides for the material wellbeing of the members of
society. It has also evolved to a point where virtually every member of our
modern society is dependent on the system itself for his or her very
survival. I fear that if this system were to fail today as it did in the
1930s the results could be even more horrific than they were during the
Great Depression which led us into World War II. As a result, I take
economics very seriously and do not simply view it as an intellectual
numbers game.
Even though I do not have any problem with your approach
to economics so long as you don’t come up with economic policies that ignore
the reality that is not in your models, I do not think your approach is
enough. It seems to me that beyond predicting data we have to try to
understand how the economic system works within society if we are to
be able to assure that it does not falter. I see the stakes as being too
high to put all of our eggs in one basket, as it were, and just try to make
accurate predictions of the kinds of data you choose to examine while
ignoring the institutions and social interactions that generate that data
as well as data that may be, and I believe are relevant to the economic
problems we face that you choose to ignore.
In any event, even though I doubt you would have been
impressed by what I have written, if you had actually read what I have
written you may have been able to see that I have, in fact, tried to deal
with the kinds of things with which you think I should be concerned, and I
would like to think that, at the very least, you would have had the decency
to have avoided the kinds of gratuitous accusations and innuendo that
appears in the latter part of your rather fatuous critique of my paper.
November 6, 2016
Dear Jason, Part II
In reply to
Economics, physics, and data: a response to Blackford
November 1, 2016
It is exceedingly difficult for me to understand why you
insist on defending the use of Friedman's methodology in physics in
criticizing my paper. My paper is about the misuse of Friedman’s
methodology in economics, not in physics.
Over the past fifty years mainstream economists have
developed highly sophisticated mathematical models based on absurd
assumptions that were justified in the name of Friedman's as if
methodology. Those models were used as an intellectual justification for
deregulating the financial system in a way that blew up the world's
economy. This occurred in spite of the fact that hundreds, if not thousands
of years of historical data have shown that unregulated or poorly
regulated financial institutions inevitably lead to financial crises that,
in turn, cause economic, political, and social catastrophes.
When I tried to discover why this happened I found that in
spite of the overwhelming historical evidence that warned of the catastrophe
that would result, virtually no mainstream economists spoke out against this
deregulation as it took place, and those who tried were ridiculed and
marginalized within the discipline of economics in much the same way you
marginalize Minsky, Keynes, and what I have tried to do in
Where Did All The Money Go?. I also discovered that the reason
virtually no mainstream economists spoke out against this deregulation is
that over the past fifty years free-market ideological beliefs have come to
permeate the discipline of economics, facilitated by an egregious misuse of
Friedman's as if methodology.
When I write a paper attempting to explain this misuse
within the discipline of economics you ridicule my attempt mercilessly in
defense of its use in physics. At the same time, in one of the posts
you link to you claim:
"I am not defending the implications Friedman makes from
this analogy about economics . . . . The problem is that this analogy
doesn't defend against theories that fail to match the data which is a
more serious issue in economics than a particular mathematical approach."
You will just have to forgive me for finding this a bit
confusing.
When I present a reasoned analysis of the historical
data and a detailed explanation as to why the inevitable result of
deregulating or poorly regulating the financial system leads to a
catastrophe, you insist on ignoring these historical data and my reasoned
argument and explanation in the absence of a mathematical model that
more accurately predicts the economic data that you want to
predict—data that doesn't even include the variables that I see as being
crucially important to an understanding of the historical data that I try to
understand and explain. You boldly take this position in spite of the
fact that this is the same kind of reasoning and argument used to ridicule
and marginalize those economists who tried to oppose the economic policies
that were responsible for blowing up the world’s economy in the first place.
This seemed rather confusing to me at first, but I now
suspect the key to this mystery may be hidden in your response to my
statement: "If you had bothered to look at these references ... it would
have become apparent to you that I have spent an excruciating amount of time
and effort in examining data and attempting to develop a theory that
explains that data."
In response to this statement you reply:
Ah, the classic “you didn’t read my references". I
actually did look at the references, but there appears to be no
theoretical model of data at any of the links. There is a graph of some
data in
Ideology Verus Reality, as well in the links to chapters
of his eBook in the Evonomics post, but that is not theory explaining
data. Blackford seem to be telling a story that appears to be plausible
and/or consistent with the data. However, what are the magnitudes of the
effects of deregulation, inequality, and/or debt accumulation? Can I
predict anything? We don't know because Blackford's theory is generally
not a mathematical theory, and where it is (e.g.
here), it is not compared to empirical data.
I have to apologize for my naiveté here in assuming you
would understand what I was trying to do if you had read my work.
I was trained as a neoclassical economist in the 1960s and
taught undergraduate neoclassical economics courses for twenty years. When I
wrote
Where Did All The Money Go? I wrote it as a narrative so that I
could explain the financial crisis that began in 2007 and reached a climax
in 2008 in a way that I thought, or at least hoped any undergraduate student
or intelligent lay person who was interested in understanding this crisis
could understand. At the same time, I hoped to be able to speak to
professional economists (mostly in footnotes), especially younger economists
and graduate students.
As a result, I did not write out equations and build
econometric models in this eBook that would leave undergraduate students and
lay people in a fog. I left that to others. Instead, I attempted to
explain the causes of the crisis within the context of the fundamental
neoclassical paradigm in which I was trained in the same way I would attempt
to explain it to an undergraduate student in a principles of economics
class. At the same time, I attempted to explain (again, mostly in
footnotes) why my explanation (i.e., theory) cannot be examined
within the standard neoclassical model, and I assumed that any competent
economics graduate student or fellow economist would be able to understand
my explanation since it is framed entirely within the context (I believe the
term is ‘cosmology’ in physics) of the fundamental paradigm of neoclassical
economics with an analysis that relies almost exclusively on Marshall’s
partial-equilibrium methodology.
This, of course, may be a heroic assumption on my part as
the discipline has moved on from the old neoclassical-synthesis that
dominated the discipline in the 1960s through the 1970s based on Keynesian
models to the new neoclassical-synthesis based on New Keynesian and Real
Business Cycle models, and most of the founders of the old
neoclassical-synthesis have succumbed to Planck’s theory of scientific
progress. Unfortunately, since I left academia in the 1980s and did not
keep up with subsequent advances in the discipline I cannot express my
thoughts within the context of these new models. Nevertheless, I am at
least hopeful that those who have kept up or were trained within the
tradition of these new models will be able to translate my ideas from the
old to the new since, so far as I can tell, the new seem to be subject to
the same kinds of problems that I object to in the old. (Smith
Romer
Romer)
Given your bravado in discussing the methodology of
economics, I assumed you would be able to make that translation into
whatever economic paradigm you view the economy when I wrote the passage
quoted above. Apparently, that was a mistake, and not one that is easily
rectified.
It took me some ten years of undergraduate and graduate
study followed by some fifteen or so years of researching within the
discipline of economics to gain the level of understanding of economics I
had obtained in the 1980s and another four or five years of intense reading
and study since 2008 trying to catch up in order to get to where I am today.
If you are unable to go beyond my narrative approach to explaining the
problems within neoclassical economics and translate what I have to say in
that narrative into whatever paradigm it is through which you view the
economy, there is nothing I can do to bring you up to speed. The most I can
do is try to explain it to you in the simplest terms I can and hope you will
be able to understand.
In its simplest terms, my eBook examines the relationship
between employment, income, the distribution of income, and debt.
Everything I know about economics tells me that employment
and income depend upon the ability of employers to sell the output they
produce, and if the levels of employment, output, income, and prices are to
be stable (not change or be in equilibrium), the amount of
money people choose to spend to purchase the output that employers
choose to produce must be
exactly equal to the total income generated in producing that output.
(Actually, it’s the rate at which people choose to spend that
must equal the rate at which income is generated, but I choose to
keep the wording simple.) If more is chosen to be spent some combination of
employment, output, income, and prices will increase and if less is chosen
to be spent some combination of these variables will decrease.
This presents a problem because not all people choose to
spend all of their income on currently produced output. Some income is used
to purchase used cars, preexisting houses, land, and other items that are
not part of current output. In addition, some income is just deposited in a
bank and left there and some is used to purchase financial assets such as
stocks or bonds or is directly lent out to those who are willing to borrow
for whatever reason. These kinds of dispositions of money income are also
not expenditures on current output.
To the extent people choose to spend or not to spend their
income in these ways, the amount of money people choose to spend to purchase
the output that is produced must be less than the total income generated in
producing that output. This must be compensated for by an equal amount of
money spent by other people who choose to spend in excess of their income if
the levels of employment, output, income, and prices are to be stable. This
can be accomplished by these other people selling used assets, land, or
financial assets for the purpose of purchasing currently produce output
in excess of their income or by borrowing money directly or taking money
just sitting in the bank out of the bank for this purpose.
Even though there are many mechanisms by which this
compensation takes place, the primary mechanism by which it takes place
in our modern economy is through the creation of debt, either through
the sale of newly created debt instruments, trade credit, or direct loans.
This means that—given those factors within society that determine the other
forms of compensation for income not spent on current output—there exists a
specific rate of debt creation that must occur in order to maintain a
specific level of income.
This phenomenon is perfectly normal and is an essential
mechanism by which the system functions, but it does pose the possibility of
a serious problem. Namely, if the rate at which debt must be created in
order to maintain the level of income that corresponds to the full
employment of our resources is greater than the rate at which income
increases when the system is at full employment it means that full
employment can only be maintained with an increase in debt relative to
income. Maintaining full employment in this situation is unsustainable
in the long run as the need to service the debt out of income must
eventually overwhelm the system and cause it to become unstable.
This is where the distribution of income comes in. Given
the state of mass-production technology and productivity within the system,
an increase in the concentration of income received by a small minority at
the top can lead to a situation that requires an increase in the rate at
which debt must be created in order to maintain full employment that exceeds
the rate of increase in income.
This statement is little more than a mathematical truism
that anyone with your apparent understanding of math should be able to
understand implicitly since the math involved in working out the
circumstances in which this will occur and when it will not is little more
than a high school algebra problem. It does, however, require a basic
understanding of the national income accounting system which I’m not about
to try to explain to you if you don’t already understand this sort of basic
economics. If this is the case you will have to either look it up in some
principle of economics textbook or just take my word for it.
I would note, however that I did give a basic explanation
as to how I believe this works in Chapters 1 through 3 of
Where Did All The Money Go?. Specifically, in those chapters I
attempt to explain how a situation in which full employment could not be
achieved in the absence of an increase in debt relative to income led to the
Crash of 1929 and the Great Depression of the 1930s as well as the Crash of
2008 and the Great Recession we are in the midst of today. And in
Chapters 4-11 I attempt to explained in (what I am quite sure for some is)
excruciating detail the mechanisms by which this situation came into being
and why it is unsustainable.
In addition:
- In
footnote 16 in
Chapter 3 of
Where Did All The Money Go? I explain why it is
impossible to examine the kind of problem I examine in this eBook within
the context of the basic competitive model that stands at the very core of
neoclassical economics in that the way in which representative agents are
used in specifying this model implicitly assumes that this
problem does not exist.
- In
A Note on Keynes’ General Theory of Employment, Interest, Money, and
Prices I show how the Marshallian paradigm of partial-equilibrium
analysis makes a causal analysis of dynamic behavior possible within the
context of Keynes’ general theory while the Walrasian perspective of
neoclassical economics makes this kind of analysis impossible within the
neoclassical paradigm, (I also show how Keynes’ Marshallian methodology is
consistent with a Marshallian general equilibrium model that is
fundamentally different than the Walrasian general equilibrium model that
underlies neoclassical economics and how Keynes’ aggregate equations can
be derived from the equations of his implicit general equilibrium model,
but this is not relevant to what we are talking about here.)
- In Liquidity-Preference/Loanable-Funds
and The Long-Period Problem of Saving I explain the way in which the
causal nature of Keynes’ dynamic analysis was perverted by the Keynesians
into a descriptive analysis of a static equilibrium system. I also show
the parallels between, and the complementary nature of, Keynes’ causal
analysis of the long-period problem of saving and the theory of economic
instability I develop in
Where Did All The Money Go?, and I argue that my theory,
combined with Keynes’ explanation of the long-period problem of saving,
can be used to understand and explain how we have ended up in the kind of
economic situation we find ourselves in today.
- In Chapter 12 of
Where Did All The Money Go? I not only summarize the theory I
develop in this work, I make a host of predictions based on the
implications of the realistic assumptions of that theory and my
understanding of economic history.
It is now apparent to me from your response to my
suggestion that you did not read my references, “I actually did look at the
references, but there appears to be no theoretical model of data at any of
the links”, that you lack the basic understanding of neoclassical economics
and Marshall’s methodology needed to translate the way I have attempted to
explain this into your understanding of economics. This impression is reinforced by your response
to my complaint about your “litany of gratuitous accusations and innuendo”:
"L;DR These quotes are actually serious points, and
Blackford avoids them by essentially calling them ad hominem
attacks.
“I stand by the statements I made the list of quotes
Blackford cites. He points to the 2008 financial crisis as evidence of the
failure of ‘mainstream economics’. That literally is a single data
point.”
which echoes your complaint in your previous post to the
effect that:
Is Blackford going to use a single data point as
evidence for the failure of mainstream economics? Apparently, yes. And
here he is trying to lecture people about what is ‘scientific’!
This impression is further reinforced by your lecture on
how to be scientific:
Blackford wants us to be scientific. Let me give a
positive example. I think information transfer economics is a good example
of being scientific. I probably fail sometimes, but I strive to apply my
training as a theoretical physicist.
1.
Clearly state your assumptions
2.
Show how your theory connects to mainstream
economic theory
3.
Compare your theory to the empirical data and
make predictions
4.
Show how your theory is better than mainstream
It's not very complicated!
My initial reaction to these responses, especially to your
lecture on being scientific, was: Wow! This guy is in a state of total
denial! With regard to your lecture, the reason being that it seems
quite clear to me
that I have done all of things you list. There are no hidden assumptions in
what I have written, and I have explained the relationship of my theory to
mainstream economic theory as best I can. I have also compared my theory to
empirical data throughout
Where Did All The Money Go? and I have made innumerable
predictions. What’s more, I have shown how my theory is better than
mainstream theory.
It would appear that your
problem is not that I haven’t done these things. It’s that I haven’t done
them in the way you want me to do them in that I examine
institutional and historical data—that is non-numerical empirical
facts—and make institutional and historical predictions that go beyond
the simple numerical ‘data’ and predictions that seem to be the only kind of
empirical data and predictions you are able to understand.
Now I realized I’m not doing things the way you think they
should be done, but then the One above has not bestowed upon you a
special authority to dictate how scientific research must be done, or even
how it should be done in economics, and there is no reason to believe that
the mathematical methods of physics that you promote are in any way
applicable to other scientific disciplines. After all, I suspect that even
you do not expect to replace the periodic table in chemistry with a
mathematically sophisticated information-transfer-theory model anytime soon. I would also note
that while you find it ironic that “the EMH based theory of a random AR
process does best at forecasting,” I find it ironic that you would think
this fact in any way supports your view of the appropriate methods of
science in economics. After all, the EMH model does exactly what you
seem to think is the essence of science, namely, make accurate predictions,
and, yet, it also played a central role in providing the intellectual
justification for the deregulation of the financial system that brought the
world’s economy to its knees in 2008.
In addition to your inability to understand the importance
of non-numerical data in economics, your response to my criticism of
mainstream theory and methodology to the effect that it is based on “a
single data point” suggests a second reason you are unable to understand
what I have written. The point you seem to have missed, and it is virtually
impossible for me to fathom how you could have missed this simple
and seemingly obvious point, is this:
That single data point is what I have set out to
explain!
That single data point took mainstream economists totally
by surprise and drove the entire world into an economic, political, and
social crisis that shook the discipline of economics to its very core. Not
only does that single data point correspond to a major economic, political,
and social catastrophe that mainstream economic models assumed (ok, ok,
implied) could not occur, it was follow by eight more data points of
economic stagnation that mainstream theories are unable to explain as well.
The reason my theory is better than mainstream theory is
not only because it can explain that data point and the eight years of
stagnation that followed, it can also explain that other data point that
mainstream theory has had so much difficulty explaining, namely, the Crash
of 1929 and the Great Depression that followed. What’s more, the methodology
I have explained in
A Note on Keynes’ General Theory of Employment, Interest, Money, and Prices
and Liquidity-Preference/Loanable-Funds
and The Long-Period Problem of Saving combined with the theory laid out
in
Where Did All The Money Go? can be used to understand and explain
virtually all of the economic history in the US since the beginning of the
twentieth century.
Can I prove this? Of course not. Have I constructed a
sophisticate mathematical/econometric model and compared the predictions of
my theory with the only kind of data and methodology you seem to be able to
understand? No I have not, but I can assure you that, given my neoclassical
training, if I were 25 and affiliated with a university I would
probably spend the next five, ten, or even fifteen years trying to do just
that. But I’m not 25 and have no affiliation with a university so instead
of doing that I posted what I have written on my website along with
An Open Letter to Economists Throughout the World that summarizes what I
think is important and invites anyone who is interested to do with it what
they will.
Now I could be wrong in the way in which I approach
economics, but irrespective of whether I am right or wrong I think
it’s time for you to do a bit
of soul-searching, Jason.
I want you to sit down,
take a deep breath, relax, take your time, and calmly think about how you
responded to my “litany of gratuitous accusations and innuendo.” Instead of
rising to the occasion and doing the right thing by apologizing for your
gratuitous ad hominem attacks, you chose to double down by arguing
that they “are actually serious points.”
Now you tell me, Jason, what kind of ‘scientist’ behaves
like that?
Sincerely,
George H. Blackford, Ph.D.
www.rwEconomics.com
PS: I have highlighted portions of,
and added comments to, a PDF of your
11/1 reply to my 10/30 comment to your original
10/28 post that is available
here.