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From Eric Crampton: Because he personally has lost faith in modern portfolio theory, he wants to force all of us to invest locally. Yeah, things have been rough for the last few years. But the proposal here seems pretty worrying. It is a great post – adding to the things I said here, so definitely […]
Hold up a second here. My two favourite bloggers have consecutively posted suggesting that macroforecasters are essentially a waste of space (Offsetting Behaviour and Marginal Revolution). As a macroforecaster I am inherently biased, but I think that such forecasters can add value. Let me discuss why. As I have said in the past, if a […]
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 […]
Excellent quote (ht Economist’s View): Popper’s critique of historicism, then, can be rephrased as a compelling critique of the model of the natural sciences as a meta-theory for the social and historical sciences. History and society are not law-governed systems for which we might eventually hope to find exact and comprehensive theories. Instead, they are […]