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I blame Fauci.
Its hard to come out of Covid without some sense that "the science lies to us". I generally like to trust experts, but now it constantly feels like a slight level of uncertainty has crept into all my interactions with experts. The idea of an entire group of academics capture by a single interest group and willing to lie to our faces ... no longer seems very far fetched. At most you'll get a couple of the experts that defect and say all of their colleagues are wrong.
What it often requires me to do is to go look at the data the experts have, rather than what they say about their own data. At which point I get frustrated about even having experts in the first place. I usually have to rely on other smart people that I actually trust to go and check the data.
Things where I am suspicious about what the experts say:
Since Fauci isn't really being punished for any lies, I can assume most experts picked up on the hint: say what we want you to say and you'll be protected.
I still tend to have a lot of trust for economists, but that is maybe because I have found economists I actually trust, and I don't read the economists that would ruin my trust.
I can believe that we are in a great economic period right now. Nothing in my life suggests anything is great or terrible economically, so its not hard to think that either scenario is possible. There are multiple measures of employment, and I really wish news orgs would just report the full table of employment measures, U1-U7 (if I remember correctly). I feel like any one of them is potentially misleading individually, but altogether they give a great picture.
I have a very hard time trusting economists related to currency. The topic has always seemed like black magic to me. There is a joke among the academics I work with that monetary economists are always a bit on the weird side. I personally feel that its because monetary economics is a bit like studying cthulu. Simply witnessing it and understanding it drives you a little crazy. Also if there is any place where apparatus of government control has an incentive to get economists to lie, then that place is gonna be monetary economics. You simply cannot have modern sized governments without currency manipulation and money printing. I don't think they tend to lie too often about inflation numbers, or I at least believe that the numbers they give are consistently measured. Its more of a big giant lie that I worry about, rather than tiny lies to benefit one specific administration.
They were the first class of experts to lose my trust, after 2008. Hmm, actually, maybe the second after Iraq and the GWOT. Of course I never believed the "gender" and "psychology" experts in the first place, so there is that too.
I studied economics between 2009-2013. It was a contentious time for economics. I don't trust an expert just because they have a PhD in economics, but I think some basics of the field have held up really well. And I think the field in general has robust data gathering and adversarial checking of data.
Micro or macro? If macro, can you explain what it means that M1 and M2 money supply has been FALLING? Most of the pundits seem to be saying "nothing to see here", whereas the stopped clocks are saying it's a harbinger of recession.
I preferred Micro. If I had any specialty it would have been public choice.
Macro is dark wizardy
If you like public choice, then you like would’ve enjoyed law and economics.
They had some overlap for sure. The law and econ stuff sometimes got too close to straight philosophy for my taste. Public choice was ultimately grounded in making predictions about politicians and political outcomes.
Perhaps but L&E ended up rather accurately “backing into” common law rules that evolved over time. It definetly made me think “this framework is prettt strong”
It's hard to tell if they backed into those rules, or they created a path to get to those rules. It's kind of like evolutionary psychology, where you can tell a just so story to fit what you observe. There isn't much new psychology evolving so it's hard to know how much predictive ability it has. Likewise there isn't much common law arising these days.
Public choice has at least one area where it can be repeatedly tested: elections.
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