In contrast to the Keynesian concern about 'animal spirits' we subjectivists are focused on the human spirit and its purposeful action.
This explains why Keynesianism devolves into socialism and communism and the characteristics of bare subsistence common in the animal kingdom. Of course the ego-driven interventionists in charge live large off of the flock.
The empiricists have abandoned the human sciences for the sake of an erroneous methodology and it shows!
Keynes and his 'animal spirits' are a disgrace. There is nothing scientific about it. That is obvious to anyone with any knowledge of the words in our language and any knowledge of what science means! And it is obvious to those of us who are scientifically trained.
This is an ethics issue. Those who claim to be scientists but incorporate 'animal spirits' into their work are unethical. It is as simple as that!
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1 comment:
Milton Friedman was once asked if economics was a science. He answered "It could be".
There are really two questions about "Animal Spirits" theory. The obvious first question is whether and to what degree do "Animal Spirits" affect business cycles. Quite apart from that is the second question, which is whether government policy can create stability and more specifically does counter-cyclical policy work. The evidence of experience appears to show that policy can make matters much worse and counter-cyclical policies have generally failed.
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