From Noah Smith on Twitter:
There are models economists make to describe what they think is really going on, and there are models they make to explore neat ideas.
— Noah Smith (@Noahpinion) October 9, 2014
My question to you fine folk, are both types of models useful? If so how?
Via Ryan Decker on Twitter:
Pundits want equal status to econs, hence the argument MT @ModeledBehavior enough w/ claims that econ unscientific http://t.co/2rDxQOKyRj …
— Ryan Decker (@UpdatedPriors) September 28, 2014
Today, let us discuss the conclusion from this post about language and Piketty:
The language of economics often treats people as commodities: the phrases “representative agent” and “human capital” are examples of this. Sometimes these phrases are useful abstractions, but they also contribute to the sometimes pernicious indifference of mainstream economics to issues of justice. Piketty’s take on human capital might make us a little less indifferent.
Speaking of circle-jerking: "Their [economists] public arguments have an incestuous yet masturbatory quality that is exhausting to follow."
— Trixie (@HaikuCharlatan) September 23, 2014
Ummm, hmmm. Anyone able to translate this?
I wasn’t too sure about buying the Martin Wolf book (as it is no longer the area I’m working in), but with a great quote like this in an A&A I’m going to have to buy it:
Martin Wolf on humility and economics, from a Q&A at Vox about his new book (http://t.co/s5Z2brNauU)… pic.twitter.com/kvKHpYnhBs
— Cardiff Garcia (@CardiffGarcia) September 12, 2014
Still, I obviously agree with the quote given how I’ve described it – what are your thoughts?
Today just a quote from someone I was talking to:
I used to think I hated just economists due to their arrogance, the arrogance of knowing about the social and economic world. It turns out I hate everyone as, as everyone seems to believe they know how the world works and how to fix it.
It is a general sentiment (around knowledge) that I agree with – although the hatred is unnecessary. In truth, my view is that it is undue confidence about our own folk model of the economy/society is part of human nature – accepting we know a lot less, and trying to make our statements around policy transparent and testable, would be neat things. In my view this is what good “economics” involves.