Why is it that, in economics (compared to other disciplines), people are a lot less likely to let observed facts change their opinion on what is going on, or how the world works? Is it because:
- The data is too unreliable
- The data requires “value statements” to make sense that cannot be separated from beliefs
- People invest themselves in their world view – and are unwilling to trust evidence above what makes them feel comfortable.
Answer, discuss, all that jazz.
Note: Any answer should be consistent with the historical fact that people want to pretend right now is “different” and that we are living through “historical” times of change – after all how else can we make ourselves feel important if we don’t stress how important the times we live in are 😉