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What are the elements that economists should take into account when formulating theories
however
score: 3
They should be consequentialist and emphasise epistemic humility
however
score: 5
The system that best achieves this is something like market based classical liberalism
sources:
Historical evidence, economic theory
because
score: 1
Money is a powerful system that provides very rich information about an economy and incentives for economic agents to coordinate.
because
score: 1
Market systems incentivise reasonably efficient allocation of goods
because
score: 1
Market systems are very compatible with individual human autonomy, which is morally important
because
score: 1
Market capitalist systems provide effective scope for government regulation - taxes and subsidies can control many market externalities
3 branch
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because
score: 1
Consequentialism (or, to be honest, I'll take pretty much any mainstream normative theory) provides a plausible value system for trading off welfare
because
score: 1
Economies are very complicated, and when we try to predict the effects of top down changes we often fail, sometimes catastrophically. Thus economists should acknowledge the complexity of the systems they study and practice humility
2 branch
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0 branch
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Neutral support and objection rate.
anti_realist
