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b_b · 3428 days ago · link · · parent · post: ECB pulls out all stops with rate cuts, stimulus boost
Hopefully one day economists will recognize that a model is only as good as its underlying assumptions, and that if empirical evidence doesn't match with your predicted outcomes that the problem isn't that the world has gone mad, but rather your model is useless for the current situation.
Isn't the fundamental tenet of economics that every school before yours is 100% wrong-headed, full of shit and the proximate cause of all world misfortune? I mean, Jared Dillian is railing this morning about how Abenomics proves that The New Deal caused the Great Depression to last 16 years.