yah, the question is whether this beats the opportunity cost. Some think it does, others don't
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but ultimately what bothers me here is pretending Seattle was an "experiment", akin to a laboratory test
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Replying to @samselikoff @michaellnorth
every time it's tried, people predict major problems, and nothing happens, it's worth reporting on.
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the thing that bothers ME about Chicago School economics is a willingness to stridently make claims.
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"Obamacare WILL kill jobs and plunge us into a recession" "Increases in minwage WILL kill 1000s of jobs"
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and these same people (not sure where you stand) get super ornery when ppl point out "wait that didn't happen"
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Replying to @wycats @michaellnorth
Austrian school here for the most part. I agree w/you here - but I'm skeptical of most empirical predictions
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I think historical data can be useful in developing theory, but both sides regularly get empirical predictions wrong
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best mainstream economists in the world predicting quarterly jobs numbers, for example. Often in wrong direction too.
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Replying to @samselikoff @michaellnorth
and Austrians claiming official inflation wrong, also don't believe billion prices project.
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or Austrians saying "inflation is up by definition" and using money supply as definition.
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