Re: Revealed Preferences (people are liars)
[ QUOTE ]
Lol. Economics attempts to form theories on how to achieve the greatest common good.
[/ QUOTE ]
Plz to be explaining how you calculate this. And you're wrong anyway. Economics does not attempt this. Some people use economics in an attempt to form such theories. That's not the same thing.
[ QUOTE ]
If you don't dispute that mistakes are made due to lack of information, mistakes in an individual's self-assesment of utility and/or irrational actions then you are admitting that economic policy cannot be accurately based solely on "revealed preferences",
[/ QUOTE ]
I would agree with this - and I would go further. Economic policy cannot be accurately based. Period.
[ QUOTE ]
yet that is a basic tenet of Austrian economics.
[/ QUOTE ]
The "policy" that one should be deriving using Austrian theory is that "policies" (and by "policy" I am assuming we're talking about something more than just one person deciding something for himself) are counterproductive (not to mention immoral, which is really the only thing you need to know).
|