Tuesday, April 22, 2014

Ideology over facts

In the Picketty interview (see a couple posts below) at around 10:00 he responded to a question about the economics profession. He said part of their problem is the ideology, in that in order to be taken seriously they focused on mathematical formulas. Thing was, the formulas were isolated from data and facts in some abstract Platonic and/or Aristotelian ideology (my translation). So it was quite a shock to the economics world when Picketty and his team of international economists actually complied the data on income inequality over several countries and centuries. That it contradicts the ideology is evidence that the latter needs to get up to speed to match the facts. Naturally progressives welcome this task and regressives are still in denial.

Btw, his book is now number 1 on Amazon. Think people are interested in the facts? Not good for the regressives in the upcoming elections. But good for humanity.

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