Oddbean new post about login | logout If empirical evidence contradicts their foundational argument, how can any other arguments they build be taken seriously. Monetary expansion is not beneficial to markets and value is not derived from labour.
I'm not going to debate the life and work of Keynes, here, but I just want to say that I am intellectually capable of analyzing each concept in isolation.
Okay that's valid. I'm not opposed to economic statistics for example, even though I think many economic models are worthless as they treat economics as a natural science.
Value is not derived from labour? Where does value derived from?
Value is subjective.
Not according to everyone. For others value can be measured
They are measuring things that correlate with the median valuation, but that valuation is subjective.
Still not according to everyone and not all use the method which uses the median valuation. But my english don't help me explain that as i wish
No, I get you. It's the normal economic theory that valuation is objective.
Ah that's exactly what I wanted to say in a few words, which is that there are several normal economic theories