Macroeconomics - a political science

Before I continue on the remaining topics let's pause to talk about the field of macroeconomics. Macroeconomics is a political science. It is not a scientific body of knowledge where there are truths, facts, theorems, or problems with correct answers. It is a body of knowledge about values not truths and in this regard it is like other areas of philosophy such as morals and ethics. It is unlike related areas that are often lumped in with macroeconomics like microeconomics or finance which do contain certain facts, theorems and valid, proveable equations.

When you hear an pronouncement or opinion from an economist ask yourself whether the speaker acknowledges that their views or based on their values.

One tell-tale sign is their terminology. If the speaker talks about economic growth or GDP as the measure of a countries economic well-being then the speaker is likely a conservation economist. If the speaker talks about unemployment, poverty levels or middle class income as a measure of a nations well-being then the speaker is likely a liberal economist.

Since the two sides have basically different values they will measure the economy in different ways using different tools and different statistics. They can barely have a conversation since they don't see the world the same way at all.