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Over at Greg Mankiw’s blog he links to a comment on DSGE models by the legendary Robert Solow. Surprisingly, the comment is relatively negative. If I am honest, I found Solow’s attack on DSGE a little strange, and fairly inconsistent. Here is why: Update: (Before saying why I think this, I should say) This initially […]
Not PC has a critique of the use of mathmatics in economics. Critising the discipline of economics has been especially popular lately. I have had engineers (and some physicists) call me up to tell me that we do economics wrong and we need more maths (to which my reply would be to look more closely […]
From Aaron Schiff: A model should not be judged solely by its assumptions (although highly dubious assumptions are not a good thing). Rather we should focus on the model’s ability to teach us something, and its ability to explain the economics of something in a plausible way. To summarise, a model does: Highlight the incentives […]
Peter Mandelson wants to revamp British universities to make them more inclusive and have them focus more on job-relevant courses. Proponents of liberal arts schools are predictably outraged. I agree with them that they shouldn’t be discriminated against. A fair system would make people pay for the benefit they receive from their education, and have […]
Kiwiblog and others are bothered by Nicholas Stern’s pronouncement that: Meat is a wasteful use of water and creates a lot of greenhouse gases. It puts enormous pressure on the world’s resources. A vegetarian diet is better. For more related post o healthy eating, use this link to learn how to start intermittent fasting. Why […]
Ht Big Picture To be fair, economics is a wide ranging social science and we can’t criticise some parts of the discipline on the basis of poor forecasts. Furthermore, even in the realm of economic forecasting, the goal is to paint out risks given limited data and an imperfect knowledge of the complex world around […]