First, if the models are wrong, why teach them? Second, because they're not practitioners, they cannot tell you if the models are right or wrong. Biology is (mostly) different, because it can be measured, tested, and, if wrong, falsified. I'm attacking the merits of the field.
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Replying to @Molson_Hart
Well you've touched on the big issue with social sciences, especially economics, in that it is rarely possible in economics research to do a controlled experiment. That said, I would like you to specifically attack an individual theory of international trade and why it is wrong.
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Replying to @davekopec
I can give you a couple: "Free trade is always better than trade with tariffs/other barriers": poor, undeveloped countries cannot become developed without protecting their nascent industries. Singapore, SK, and China all did this to economically develop.
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Replying to @Molson_Hart
So, we actually discussed this in Econ 29. The message from the class was not "free trade is always better"; the point about protecting nascent industries in developing countries was brought up and several examples were given; I specifically remember the Thai watch industry.
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Replying to @davekopec
It's a better course than I thought. What you describe is practical. Tariff and trade economics usually is not.pic.twitter.com/GfO4pSmXul
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Replying to @Molson_Hart
It's not practical for an individual business, but understanding and being able to rationally theorize about trade economics at scale is useful for policymakers.
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Replying to @davekopec
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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Replying to @Molson_Hart
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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Replying to @davekopec
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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Replying to @Molson_Hart1 reply 0 retweets 0 likes
Yeah I'm aware of what this is. If you've been in business for 30+ years however, you don't survive without skill.
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