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comment by ecib
ecib  ·  3947 days ago  ·  link  ·    ·  parent  ·  post: IMF admits: we failed to realise the damage austerity would do to Greece

    It seems this has been a battle heavily influenced by politics and philosophy,

I agree, and sadly that phenomena is the case here in the US as well. I'd say our economic policy debates our 90% ideological and 10% data driven. Each side has its favorite economists and schools of thought it trots out with the requisite one or two examples of the philosophy "succeeding in the wild" or more likely, a couple examples of the other's philosophy failing in the wild. As inflexible ideological policy initiatives are advanced, everybody just reaches into their quiver and pulls out an economic cult of personality and fires as they charge forward without even looking at the weapons in their hand.

That's what it feels like anyway...