[Chugalug] A comment on the Bitcoin .. fraud

John Aldrich jmaldrich at yahoo.com
Tue Apr 16 11:08:45 UTC 2013

On 04/15/2013 07:00 PM, Chad Smith wrote:
> I don't think it is far to say that because economists' predictions 
> may have an effect on the system they are addressing, that Economics 
> as a whole is "not a science".  If that is true, then I guess Physics 
> isn't a science, either. 
> http://en.wikipedia.org/wiki/Observer_effect_(physics) 
> <http://en.wikipedia.org/wiki/Observer_effect_%28physics%29>
> I would think there would have to be those who choose to use their 
> voice as an "Expert" to sway public opinion one way or another, for 
> their own benefit - but i would say the same could be said for a 
> doctor who is giving advice to a patient who may benefit from a 
> treatment that the said doctor does not perform, or one that they do. 
>  That doesn't mean Medicine is not a science.
> Yes, "self-fulfilling prophecies" exist.  Yes, economists have just as 
> much of a chance of being evil liars as any other human being.  That 
> doesn't negate the value of the study as a whole.  Economics is much 
> like Psychology, it is not a "Hard Science" - but it is a science.
> Now, if you do not accept non-hard sciences as science at all, let's 
> talk about Quantum Physics.
> /-Chad W. Smith/
+1. I, for one, think that if we were to listen more to the academic 
economists than those employed by the financial institutions, that we 
would be much better off. That being said, most "credible news sources" 
will get their "experts" from some financial institution, which really 
sucks, IMHO.

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