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Theoretical and Applied Economics
No. 11 / 2009 (540)

The Scarcity of Explicative Models

„For the most part of his existence on Earth, man did not live a better life on two legs than he did on four.”
Todd G. Buchholz

  With this crisis, reality has put any economic theory in difficulty. The babbling amongst strategists and theorists is the disgusting expression of the failure of policies and of the theories they inspire. What seemed as a measure coming out of the rational understanding of the collapse was too quickly and too disappointingly proven to be a desperate improvisation meant to cover up ignorance.
 

The theory has proven its inconsistency in such a categorical way that Economics' status as a science was being put in doubt. From fiscal and monetary stimulus measures of Keynesian origin to the crisis-solving programs stuffed with neo-monetary ideas, failure has stubbornly persisted. One after the other there was excited belief in the magic of the letters V, U, L, M, W, obviously the alphabet leaving the imagination to work without touching reality. The explicative power of theorists was shattered with every day in which the crisis followed its mysterious path, as if it had the mission to contradict the assertions of some celebrity.

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The Scarcity of Explicative Models
Marin Dinu

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The Economicity. The Epistemic Landscape, Marin Dinu, 2016

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