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Source link: http://archive.mises.org/14643/the-pretense-of-knowledge-continues/

The Pretense of Knowledge Continues

November 15, 2010 by

Bernanke — with Paul Krugman looking over his shoulder and telling him where to put the paddles and how many volts to shock the patient with — thinks he can crunch the data, make a diagnosis, concoct the right monetary witch’s brew, and inject lots of it to make us all employed and living happily ever after. FULL ARTICLE by Doug French


Dave Albin November 15, 2010 at 5:44 pm

It is kind of amazing that all of these central planners rely on physical science models for economic calculations – how could 2 fields be more different? Physics problems can be completely solved, 100% of the time, essentially. Economics is much more like biology and resource competition and management, but even that is simple compared to free-market economics. These guys surely know this and are simply arrogant.

Gerry Flaychy November 17, 2010 at 9:04 pm

“The Fed’s Open Market Committee press release states,
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability.”
_The article

Supply of goods and services is not stable.
Demand for goods and services is not stable.
The quantity of ‘money’ is not stable.
So why this obsession for price stability ?

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