strict Pareto improvements
What counts as an improvement is a question of terminal values. If all we cared about was money, selling babies ought to be legal. (btw, the second author is a federal appeals court judge in Chicago - it's probably only essays like this that prevented him from being a Supreme Court justice).
Failing the is-ought distinction is a predictable effect of failing to realize that one is having a terminal value dispute.
What counts as an improvement is a question of terminal values.
Yes, but Pareto improvements are things that everybody can agree are better. Maybe we can relax this to "most people", because I'm sure there's some jerk somewhere with the "terminal value" of "all change is very bad".
As for valuing money, why are you bringing it up in a discussion of terminal values?
Failing the is-ought distinction is a predictable effect of failing to realize that one is having a terminal value dispute.
Explain. I don't see it.
I'm not sur...
So apparently Richard Feynman once said:
I could be missing something, but this strikes me as a terrible answer.
When was the atomic hypothesis confirmed? If I recall correctly, it was only when chemists started noticing that the outputs of chemical reactions tended to factorize a certain way, which is to say that it took millennia after Democritus to get the point where the atomic hypothesis started making clearly relevant experimental predictions.
How about, "Stop trying to sound wise and come up with theories that make precise predictions about things you can measure in numbers."
I noticed this on Marginal Revolution, so I shall also state my candidate for the one most important sentence about macroeconomics: "You can't eat gold, so figure out how the heck money is relevant to making countries actually produce more or less food." This is a pretty large advance on how kings used to think before economics. I mean, Scott Sumner is usually pretty savvy (so is Richard Feynman btw) but his instruction to try to understand money is likely to fall on deaf ears, if it's just that one sentence. Think about money? Everyone wants more money! Yay, money! Let's build more gold mines! And "In the short run, governments are not households"? Really, Prof. Cowen, that's what you'd pass on to the next generation as they climb up from the radioactive soil?
*Cough.* Okay, I'm done. Does anyone want to take their own shot at doing better than Feynman did for their own discipline?