TimS comments on Why is Mencius Moldbug so popular on Less Wrong? [Answer: He's not.] - Less Wrong

9 Post author: arborealhominid 16 November 2012 06:37PM

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Comment author: Multiheaded 19 November 2012 03:43:34PM *  2 points [-]

Hello from Singapore.

Upvoted for practicing what you preach.

(None of the linked articles are among what I'd recommend, however. I can't say if that's because I can't understand them and am biased, or because they are mostly hot air and rhetoric.

I cannot comment on Austrian economics as I don't know what to believe about any economic theory at all, but here, in 1998, Krugman criticises it as a morality fable that doesn't, in Bayesian terms, pay rent in anticipated experience - and in modern times, he sustains his criticism of its descriptive and predictive worth. Here is some other economist's brief slam of Austrian epistemology.

Generally the Less Wrong 'mainstream' seems to dismiss it out of hand for its non-empiricism and incompartibility with Traditional Rationality.)

Comment author: TimS 20 November 2012 12:58:37PM *  5 points [-]

Very enjoyable, but not particularly rigorous compare and contrast of Keynesian and Austrian economics here and sequel.

My favorite quote (put in the mouth of Hayek in the second video around 3:40): "If every worker was staffed in the Army and Fleet, we'd have full employment - and nothing to eat." (This is aimed at the Keynesian argument that WWII ended the Great Depression.)

Personally, I'm doubtful either theory is better - they both run on fundamental assumptions about what is happening in the market. But if the actual market resembles neither assumption, both predictions will be very misleading.