Economics
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Rethinking Depression Economics - Jonathan M. Finegold Catalan
One criticism of Austrian business-cycle theory is that it gives little insight as to what should be done to push an economy out of recession. Even accepting the premise that monetary overexpansion leads to a misallocation of capital goods, detractors claim that this says little in regards to the nature of the depression period. Leland Yeager, for example, argues that "Austrian economists can explain the continuing depression only lamely." [1] Lord Robert Skidelsky once made a similar comment in a live debate with George Selgin and Jamie Whyte.
The Dunning–Kruger effect is a cognitive bias in which unskilled individuals suffer from illusory superiority , mistakenly rating their ability much higher than average. This bias is attributed to a metacognitive inability of the unskilled to recognize their mistakes. [ 1 ]
Dunning–Kruger effect
