Tag Archives: Economics

When economists become as modest as the physicists In advanced economics the question would be: ‘What besides mathematics should be in an economics lecture?’ In physics the familiar spirit is Archimedes the experimenter. But in economics, as in mathematics itself, it is theorem-proving Euclid who paces the halls … Economics … has become a mathematical game. The science has been drained out of economics, replaced by a Nintendo game of assumption-making …...

At last — the cause of Christmas has been discovered Every schoolboy knows that cash in the hands of the public regularly shoots up at Christmas, goes down in January and shoots up again around the summer bank holiday. Nobody would suggest (not even Professor Friedman, I believe) that the increase in note circulation in December is the cause of the Christmas buying spree. But there is the question that is more relevant to the Friedman thesis: Could the...

Pure game theory — an irrelevant tautology Applied game theory is a theory of real-world facts, where we use game theoretical definitions, axioms, theorems and (try to) test if real-world phenomena ‘satisfy’ the axioms and the inferences made from them. When confronted with the real world we can (hopefully) judge if game theory really tells us if things are as postulated by theory. But there is also an influential group of game theoreticians that think that...

Admati on ‘the banker’s new clothes​’  [embedded content] div{float:left;margin-right:10px;} div.wpmrec2x div.u > div:nth-child(3n){margin-right:0px;} ]]> Advertisements

Guest post by Jeff Mosenkis of Innovations for Poverty Action. The links are back from vacation. We may have a few back links to catch up on over the next weeks, so here we go: Rachel Meager has public speaking tips for economists. If you want to catch up on a Twitter conversation including me, Chris, and a bunch of other people responding to the Cuddy article on what replication fights in psych mean for econ there’s a 168-slide storify here. I wondered if econ is happily driving along at...

Guest post by Jeff Mosenkis of Innovations for Poverty Action. The links are back from vacation. We may have a few back links to catch up on over the next weeks, so here we go: Rachel Meager has public speaking tips for economists. If you want to catch up on a Twitter conversation including me, Chris, and a bunch of other people responding to the Cuddy article on what replication fights in psych mean for econ there’s a 168-slide storify here. I wondered if econ is happily driving along at...

Guest post by Jeff Mosenkis of Innovations for Poverty Action. The links are back from vacation. We may have a few back links to catch up on over the next weeks, so here we go: Rachel Meager has public speaking tips for economists. If you want to catch up on a Twitter conversation including me, Chris, and a bunch of other people responding to the Cuddy article on what replication fights in psych mean for econ there’s a 168-slide storify here. I wondered if econ is happily driving...

Chicago economists — people who have their heads fuddled with nonsense Mainstream macroeconomics has always had problems with the notion of involuntary unemployment. According to New Classical übereconomist Robert Lucas, an unemployed worker can always instantaneously find some job. No matter how miserable the work options are, “one can always choose to accept them,” according to Lucas: KLAMER: My taxi driver here is driving a taxi, even though he is an...

This paper reflects on the history and enduring relevance of Keynes’ economics. Keynes unleashed a devastating critique of classical macroeconomics and introduced a new replacement schema that defines macroeconomics. The success of the Keynesian revolution triggered a counter-revolution that restored the classical tradition and now enforces a renewed classical monopoly. That monopoly has provided the [...]

I en tid när ljudrummet dränks i den kommersiella radions tyckmyckentrutade ordbajseri och fullständigt intetsägande pubertalflamsande tjafs har många av oss mer eller mindre gett upp. Radion, som en gång i tiden var en källa till både vederkvickelse och reflexion har degenererat till en postmodern ytlighetsavgud. Men det finns ljus i mörkret! I programmet Text och musik med Eric Schüldt — som sänds på söndagsförmiddagarna i P2 mellan klockan 11 och 12 — kan man lyssna på...