{"id":471,"date":"2008-09-22T09:58:56","date_gmt":"2008-09-22T14:58:56","guid":{"rendered":"http:\/\/ssgreenberg.name\/PoliticsBlog\/?p=471"},"modified":"2008-09-22T10:54:53","modified_gmt":"2008-09-22T15:54:53","slug":"capitalism-and-skepticism","status":"publish","type":"post","link":"https:\/\/ssgreenberg.name\/PoliticsBlog\/2008\/09\/22\/capitalism-and-skepticism\/","title":{"rendered":"Capitalism and Skepticism"},"content":{"rendered":"

Follow this link<\/strong><\/a> to the article by Christopher Carroll<\/a>. <\/span>Christopher Carroll is Professor of Economics at the Johns Hopkins University.<\/p>\n

Richard H. provided the pointer to this article. He provided the following excerpts from the article:<\/p>\n

Why does the economy perform so badly under Republican Presidents?<\/p>\n

…<\/p>\n

Maybe (…) capitalism works better when it is being held accountable to some external standard than when it is left to its own devices.<\/p>\n

…<\/p>\n[T]he reigning Republican orthodoxy is a kind of smug pseudo-Friedmanism which believes that markets left to themselves can do no wrong; perhaps it is time for another breath of fresh air.<\/p><\/blockquote>\n

Of course,I find this article intriguing because it corroborates a number of things I have been saying and believing for some time.<\/p>\n

Any system you can describe in words is just a model of the real world.\u00a0 As such, there will necessarily be real world situations that are not covered by the model. You have to be able to adapt to these complexities that are not covered by your model.\u00a0 You have to adapt faster than you can fix your model to explain the anomalies.<\/p>\n

In my mind, this is one of the differences between science and engineering. In engineering, you have to make decisions even though you do not have all the information you would like to have. You try to build in margins of safety in order to protect yourself against Murphy’s Law. The believers in unfettered capitalism think that Murphy’s Law has been suspended like much of our Constitution.\u00a0 Unfortunately, Murphy’s Law comes from a higher authority.<\/p>\n","protected":false},"excerpt":{"rendered":"

Follow this link to the article by Christopher Carroll. Christopher Carroll is Professor of Economics at the Johns Hopkins University. Richard H. provided the pointer to this article. He provided the following excerpts from the article: Why does the economy perform so badly under Republican Presidents? … Maybe (…) capitalism works better when it is […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":{"0":"post-471","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-periodic-posts","7":"czr-hentry"},"_links":{"self":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/comments?post=471"}],"version-history":[{"count":5,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/471\/revisions"}],"predecessor-version":[{"id":473,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/posts\/471\/revisions\/473"}],"wp:attachment":[{"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/media?parent=471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/categories?post=471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ssgreenberg.name\/PoliticsBlog\/wp-json\/wp\/v2\/tags?post=471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}