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Jason Smith — What to theorize when your theory’s rejected

Summary:
I was part of an epic Twitter thread yesterday, initially drawn in to a conversation about whether the word "mainstream" (vs "heterodox") was used in natural sciences (to which I said: not really, but the concept exists). There was one sub-thread that asked a question that is really more a history of science question (I am not a historian of science, so this is my own distillation of others' work as well a couple of my undergrad research papers). Useful relative to philosophy of science and history of science, as well as foundations of economics. Philosophy of science makes use of the history of science. It is also relevant to the orthodox and heterodox debate in economics. Information Transfer EconomicsWhat to theorize when your theory's rejectedJason Smith

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I was part of an epic Twitter thread yesterday, initially drawn in to a conversation about whether the word "mainstream" (vs "heterodox") was used in natural sciences (to which I said: not really, but the concept exists). There was one sub-thread that asked a question that is really more a history of science question (I am not a historian of science, so this is my own distillation of others' work as well a couple of my undergrad research papers).
Useful relative to philosophy of science and history of science, as well as foundations of economics. Philosophy of science makes use of the history of science.

It is also relevant to the orthodox and heterodox debate in economics.

Information Transfer Economics
What to theorize when your theory's rejected
Jason Smith
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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