Reinhart and Rogoff recently published a paper that was ignored until it was refuted. Then everyone lost their minds.
The conclusion of the paper was that high levels of debt, particularly 90% of GDP, resulted in slower GDP growth. But a University of Massachusetts paper later argued that some of their formats were in error. Those errors did not reverse their conclusions--the conclusions stood--but errors in the paper did exist.
It was if a nun had been raped; part destroyed, all destroyed. People opposed to the results of the paper attacked the paper, the researchers, their integrity and their credentials. The researchers received hate-mail, some blaming them for layoffs of public employees, cutbacks in government services and tax increases.
Economics is a soft science at its very best. But we are not living in times of understanding and acceptance of limits.
Everything is war to the armies of the night.
The conclusion of the paper was that high levels of debt, particularly 90% of GDP, resulted in slower GDP growth. But a University of Massachusetts paper later argued that some of their formats were in error. Those errors did not reverse their conclusions--the conclusions stood--but errors in the paper did exist.
It was if a nun had been raped; part destroyed, all destroyed. People opposed to the results of the paper attacked the paper, the researchers, their integrity and their credentials. The researchers received hate-mail, some blaming them for layoffs of public employees, cutbacks in government services and tax increases.
Economics is a soft science at its very best. But we are not living in times of understanding and acceptance of limits.
Everything is war to the armies of the night.
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