4T? What 4T?

[Ragnarök_62]

Mikebert Wrote:[My problem with Austrians is that what they offer is not science. Theory is not an explanation for observed reality that improves by comparison of theoretical prediction with reality, as is done in science.  Austrian theory is derived independently of evidence: “anterior to the experience of particular historical episodes.” I have a problem with their "praxeology", in which they derive a theory of what makes humans tick from "self evident" facts. To me this resembles a proven inadequate path to knowledge.  Replace praxeology with theology and you get Thomism, whose "scientia" was supplanted centuries ago by modern science.

Yes, no school of economics has an all encompassing view of the real economy.  However the Austrian school is the only one that seems  capable of detecting asset bubbles for what they are. Asset inflation is no different than price inflation. You know, like when there is an increase in money + credit  is the definition of inflation. The items which go up in price do not have to always be the stuff that's included in the flawed CPI.

Galen Wrote:The problem is that you can't run repeatable experiments in the field of economics.  Deducing what is happening from what is known about human behavior is the best that you can do.  All that we have is logic, what can be observed about the human condition and the historical record.  You might also want to note that the mainstream economists never seem to be able to spot a bubble until it blows up.

Yes. Uh, you forgot the shit for brains cabal at the Fed as well. Like I said before, they obviously can't spot a bubble if it smacked their inflated ego brains.  Also, again the Fed should be abolished because the aforementioned shit for brains cabal thinks it can set the proper interest rate. Centrally planned price of money [interest rate] is impossible.

Of course Rags ain't no smarty pants so he has no idea what "praxeology" , "Thomism", or "scientia" means.

Scientia looks close to sciatica  which I suppose scientia means "pain in the ass".
praxeology looks a lot like proctology, so that means the process of stuffing assorted things up your ass.
Thomism looks like Tom Thumb, so that's sucking your thumb with a blue blanket which yields Linus quotes.