So why were economists so wrong? The problem is that econom… - John Komlos

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So why were economists so wrong? The problem is that economics is an axiomatic theory, it's deductive, based on assumptions almost all of which are false [with] too many omitted factors, and they don't care about contradictions. They don't care about people killing themselves... That's not an economic problem.

John Komlos

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About John Komlos

(born 28 December 1944) is an American economic historian of Hungarian descent and former holder of the chair of economic history at the University of Munich.

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Ha-Joon Chang Joseph E. Stiglitz Kate Raworth Paul Krugman Friedrich Hayek

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[Oligarchs] are spending a lot of money on lobbies to influence government, and... the laws are made to benefit those that already are privileged.

[T]he current system depends too much on luck. If you choose your parents right and you live in a decent neighborhood, you can grow up and become a productive member of the society... and John Rawls argues that... [luck] cannot be the basis of a just society.

[W]hile income determines the position of the for food, an individual who purchases food at higher market prices might consume less of it than a self-sufficient peasant isolated from the market... even if the income of the former is greater...

So why were economists so wrong? The problem is that economics is an axiomatic theory, it's deductive, based on assumptions almost all of which are f… - John Komlos

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