Economic policy should be based on evidence, not ideology from "summary" of 23 Things They Don't Tell You About Capitalism by Ha-Joon Chang
In the world of economics, there is a prevailing belief that economic policy should be based on evidence rather than ideology. This means that decisions about how to manage the economy should be grounded in data and facts, rather than in preconceived notions or political agendas. The idea behind this concept is simple: by relying on evidence, policymakers can make more informed choices that are more likely to lead to positive outcomes for society as a whole. This approach is based on the understanding that the economy is a complex and dynamic system, and that the best way to navigate it is by using real-world information rather than abstract theories or beliefs. One of the key arguments in favor of evidence-based economic policy is that it helps to avoid the pitfalls of ideology. Ideology can be a powerful force in shaping economic decisions, but it can also be narrow-minded and inflexible. By contr...
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