Friday, July 30, 2010

Empiricists Have A Difficult Time Thinking Subjectively!

There is a difference between an empirical model and a subjectivist model.

The empirical model is quantitative whereas the subjectivist model is qualitative. You buy an apple for 50 cents. That is the piece of data in the empirical model (apple=50 cents).

Or you buy an apple and in that way human action manifests itself, which is part of the flow of information in the ocean of knowledge that surges and surges within the market process in unfathomable power, supplying humanity with all of its needs unless an empiricist tries to squeeze all of that (infinite dynamics) into one piece of data and then tries to interpret it in a way to justify ego-driven intervention and thereby create injustices across the planet and throughout the time horizon.

Empiricism in economics is a major contributing factor why we are living in the Dark Ages of economics.

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