by Angus Deaton gets Nobel prize in economics Not bad at all. Deaton has made very interesting contributions to many fields in economics. The one below — on the restricted applicability of RCTs — is one of my favourites: [embedded content] An area where Deaton has made significant contributions is income and consumption modeling. Here he has always shown a healthy doubt about the value of microfounded representative actors models: I realized, after a lot of agonizing and checking my imperfect understanding of time series analysis, that one common version of the representative agent permanent income model made no sense … This work taught me something important, that representative agent models are as dangerous and misleading as they are unrealistic. And yes, just for the record, I still think the prize should be dumped.
Topics:
Lars Pålsson Syll considers the following as important: Economics
This could be interesting, too:
Lars Pålsson Syll writes DSGE models — a total waste of time
Lars Pålsson Syll writes Was MMT right about inflation? Yes!
Lars Pålsson Syll writes Brownian motion (student stuff)
Lars Pålsson Syll writes Keynes — en ständigt aktuell inspiration
Angus Deaton gets Nobel prize in economics
Not bad at all. Deaton has made very interesting contributions to many fields in economics. The one below — on the restricted applicability of RCTs — is one of my favourites:
An area where Deaton has made significant contributions is income and consumption modeling. Here he has always shown a healthy doubt about the value of microfounded representative actors models:
I realized, after a lot of agonizing and checking my imperfect understanding of time series analysis, that one common version of the representative agent permanent income model made no sense … This work taught me something important, that representative agent models are as dangerous and misleading as they are unrealistic.
And yes, just for the record, I still think the prize should be dumped.