@til Today I learned that the Austrian School of Economics, on which our current economic models are based, is not itself based on empiricism and in fact argues that it should not be based on empiric studies at all but on thought experiments. https://en.wikipedia.org/wiki/Praxeology#Austrian_economics
Currently we use the Keynesian economics model. This is one of my favorite videos on the subject. https://youtu.be/GTQnarzmTOc
tacitly. politicians are fine doing half of it like manipulating interest rates and lowering taxes and borrowing but not so much on raising taxes or rainy day funds. Politicians treat all times as bad times and if they want to slow down growth they only raise interest rates and do austerity.