by Summary:
My Kindle e-book is out now! Here's the blurb: A Random Physicist Takes on Economics is a novella-length critique of economic methodology from an outsider's perspective as well as a proposal for a new way of understanding supply and demand and rational agents as emergent concepts from the complex behavior of real people. After a brief biographical introduction on how he ended up doing economic research, author, blogger and physicist Jason Smith leverages "irrational" random agents and information theory to argue against the modern understanding of ubiquitous economic constructs such as so-called "rational" expectations, prediction markets, and utility maximizing agents using examples consisting of nothing more complicated than Dungeons and Dragons dice sets and pints of blueberries.
Topics:
Mike Norman considers the following as important: economics and physics, information transfer economics
This could be interesting, too:
My Kindle e-book is out now! Here's the blurb: A Random Physicist Takes on Economics is a novella-length critique of economic methodology from an outsider's perspective as well as a proposal for a new way of understanding supply and demand and rational agents as emergent concepts from the complex behavior of real people. After a brief biographical introduction on how he ended up doing economic research, author, blogger and physicist Jason Smith leverages "irrational" random agents and information theory to argue against the modern understanding of ubiquitous economic constructs such as so-called "rational" expectations, prediction markets, and utility maximizing agents using examples consisting of nothing more complicated than Dungeons and Dragons dice sets and pints of blueberries.
Topics:
Mike Norman considers the following as important: economics and physics, information transfer economics
This could be interesting, too:
Mike Norman writes Calling a recession too early (and incorrectly) —Jason Smith
Mike Norman writes Jason Smith — A Workers’ History of the United States 1948-2020
Mike Norman writes Jason Smith — Unions, inequality, and labor share
Mike Norman writes Jason Smith — I’ll say similar things for half the salary
My Kindle e-book is out now!Here's the blurb:
A Random Physicist Takes on Economics is a novella-length critique of economic methodology from an outsider's perspective as well as a proposal for a new way of understanding supply and demand and rational agents as emergent concepts from the complex behavior of real people. After a brief biographical introduction on how he ended up doing economic research, author, blogger and physicist Jason Smith leverages "irrational" random agents and information theory to argue against the modern understanding of ubiquitous economic constructs such as so-called "rational" expectations, prediction markets, and utility maximizing agents using examples consisting of nothing more complicated than Dungeons and Dragons dice sets and pints of blueberries. Sometimes the unrealistic assumptions frequently made by economists about human rationality are found to be unnecessary to produce the same standard economic results. Sometimes "irrational" agents give insight as to why standard economic results fail. In the end, Dr. Smith calls for economists to present more uncertainty and plead greater ignorance when it comes to questions of politics and policy, and for everyone to move beyond zero-sum economic thinking and towards embracing the diversity and complexity of economic systems.