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The Black Swan: The Impact of the Highly ImprobableSee Hayek (1945, 1994). Is it that mechanisms do not correct themselves from railing by influential people, but either by mortality of the operators, or something even more severe, by being put out of business? Alas, because of contagion, there seems to be little logic to how matters improve; luck plays a part in how soft sciences evolve. See Ormerod (2006) for network effects in БЂњintellectuals and socialismБЂ«and the power-law distribution in influence owing to the scale-free aspect of the connectionsБЂ”and the consequential arbitrariness. Hayek seems to have been a prisoner of WeberБЂ™s old differentiation between Natur-Wissenschaften and Geistes WissenschaftenБЂ”but thankfully not Popper. Insularity of economists:pieters and baumgartner (2002). one good aspect of the insularity of economists is that they can insult me all they want without any consequence: it appears that only economists read other economists (so they can write papers for other economists to read). For a more general case, see Wallerstein (1999) ...» |
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