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In a bizarre leader article The Economist praises microeconomists for their use of data to better predict people’s behaviour and recommend macroeconomists do the same: Macroeconomists are puritans, creating theoretical models before testing them against data. The new breed [of microeconomists] ignore the whiteboard, chucking numbers together and letting computers spot the patterns. And macroeconomists […]
I see Scott Sumner has come out saying that we shouldn’t necessarily judge economic outcomes on whether they meet a “common sense” test, giving the example of an individual looking at social security. Bryan Caplan has criticised this, claiming the common sense is the foundation of all reason and stating that in the example Scott […]
James sent me the following, I have nothing to add: Piketty's Capital: An Economist's Inequality Ideas Are All the Rage http://t.co/ncC6z97KDl via @BW @asymmetricinfo pic.twitter.com/QFOnqUlsiS — Brad Tucker (@BradCTucker) May 29, 2014 I’d also point out that Piketty has discussed claims of data mistakes here: Piketty reply decimates the FT. Summary: http://t.co/TEhJhc7YLh Piketty's blow-by-blow: http://t.co/GF7LIl0oMe Debate's over folks. […]
Criticising broad economics for measuring and discussing issues on the basis that macro forecasts predictions are inaccurate is equivalent to criticising climate science because weather forecasting is inaccurate. Note: https://twitter.com/neurobonkers/status/422097747563409408/photo/1
I am trying to gradually clarify my perception of what economics is. Here are some cliff notes from a recent discussion I had: Economists try to answer questions about “the allocation of resources given scarcity”. Every question is quite specific and different, economics education involves learning a broad set of skills that allow us to […]
As you may or may not know, I am a vegetarian. As a result, occasionally I talk myself into needing more protein. To do this I eat cashews, which I think are actually just mainly fat, but are very yummy. Anyways, I went along to the supermarket and purchased a small number of cashews. The […]