How would you know?
Maybe it gives them a sense of piece of mind, but using formulas and macro papers to determine policy, is like reading tea leaves or entrails.
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What would you propose policy makers use instead? A non-science field like history? Poll the public? Poll businesses? Go with their gut? Economics is the only science we have in this space.
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It depends on what policy were trying to create, but if it's economics, a combination of well-researched history (as you said) and discussions with old successful business who have not gone bust.
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