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Assumptions, metrics, empirics, historical ignorance, assuming the conclusion — let me count the ways. Anyways, I want to focus on the failure of economic theory. I think any well-trained economist in some field knows how to tweak assumptions to get any results that they want. Start with a model of perfect competition. Add an information asymmetry, a transaction cost, a search cost, sticky prices and a Calvo fairy, some monopoly or monopsony, whatever. Then you can argue that some policy will lead back to efficient markets. Or, if so inclined, that government failure prevents any some implementation.... Thoughts On EconomicsHow Has Economics Failed?Robert Vienneau
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Mike Norman considers the following as important: economics profession
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Assumptions, metrics, empirics, historical ignorance, assuming the conclusion — let me count the ways. Anyways, I want to focus on the failure of economic theory. I think any well-trained economist in some field knows how to tweak assumptions to get any results that they want. Start with a model of perfect competition. Add an information asymmetry, a transaction cost, a search cost, sticky prices and a Calvo fairy, some monopoly or monopsony, whatever. Then you can argue that some policy will lead back to efficient markets. Or, if so inclined, that government failure prevents any some implementation.... Thoughts On EconomicsHow Has Economics Failed?Robert Vienneau
Topics:
Mike Norman considers the following as important: economics profession
This could be interesting, too:
Mike Norman writes REVIEW ESSAY–The Reformation in Economics: A Deconstruction and Reconstruction of Economic Theory by Philip Pilkington Marc Morgan
Mike Norman writes Three Economic Ideas Threatening to Defenders of the Status Quo — Peter Cooper
Mike Norman writes Bill Mitchell — Be careful of what parades as academic research (Uber)
Mike Norman writes Political Economy? — Peter Radford
Assumptions, metrics, empirics, historical ignorance, assuming the conclusion — let me count the ways.
Anyways, I want to focus on the failure of economic theory. I think any well-trained economist in some field knows how to tweak assumptions to get any results that they want. Start with a model of perfect competition. Add an information asymmetry, a transaction cost, a search cost, sticky prices and a Calvo fairy, some monopoly or monopsony, whatever. Then you can argue that some policy will lead back to efficient markets. Or, if so inclined, that government failure prevents any some implementation....Thoughts On Economics
How Has Economics Failed?
Robert Vienneau