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Human choice behaviour is rational LOL
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Buchanan is hysterical but not entirely wrong. If economics were a science, one would expect that all observed phenomena could be explained by a set of universally-applicable axioms.
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That’s not what “economic theory” says except in some circumstances.
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Economics isn't a science. It uses too many assumptions and has poor predictive value. It is at best a form of historical analysis.
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sure it might work in practice, but does it work in theory?
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Jeet, you have made this point before, and been corrected before: economic theory does NOT say "minimum wage rise will increase unemployment." Buchanan's comment is embarrassing, but does not reflect mainstream thought then or now. Econ was, and is, an empirical science.
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In what sense did this not reflect mainstream supply/demand framework in the sense of the paradigm prevailing the card/Krueger and other minimum wage empirical papers ? For example: https://www.jstor.org/stable/1183382?seq=1#page_scan_tab_contents …
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