Feb 102009
Don Boudreaux analyzes Keynesian economics:
The ability to write letters on a board in the form of an equation, to give those letters names that seem to correspond to some imaginable economic things, and to assemble quantitative data on those things, is not necessarily good science.
It’s like the joke I learned when I was little — one that I’ve ever since found useful to explain a lot of human behavior, including a lot of the behavior of scientists, for that matter:
1. What are you doing?
2. I’m looking for a quarter I lost.
3. What were you doing when you lost it?
4. Playing in the living room.
5. Then why are you looking here?
6. The light is better here.