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Via CPW we have this gem of a discussion point. Once again, remember that these are points for discussion – I am not saying I agree or disagree with them. Would economics, and economists, enjoy a better reputation and be more influential if they jettisoned most of macro-economics as being pseudoscience (as measured by its […]
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 […]
Dani Rodrik has been arguing that the mistake many economists, and non-economists, make is to look for “one right model” – when in truth economics is a form of craft, where you have a multitude of models and need to know what is appropriate in different circumstances (ht Economist’s View). To anyone who has studied […]
The heart of economics is an understanding of human choice. Our theories are almost all constructed on a utilitarian model of preferences and choice so understanding how we can improve that model is crucial to progress. Plenty of work has been done by behavioural empiricists on the heuristics that guide our behaviour and the anomalies […]