Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the jetpack domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /mnt/stor08-wc1-ord1/694335/916773/www.tvhe.co.nz/web/content/wp-includes/functions.php on line 6131

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /mnt/stor08-wc1-ord1/694335/916773/www.tvhe.co.nz/web/content/wp-includes/functions.php on line 6131

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the avia_framework domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /mnt/stor08-wc1-ord1/694335/916773/www.tvhe.co.nz/web/content/wp-includes/functions.php on line 6131

Warning: Cannot modify header information - headers already sent by (output started at /mnt/stor08-wc1-ord1/694335/916773/www.tvhe.co.nz/web/content/wp-includes/functions.php:6131) in /mnt/stor08-wc1-ord1/694335/916773/www.tvhe.co.nz/web/content/wp-includes/feed-rss2-comments.php on line 8
Comments on: Is economics not transparent enough? http://www.tvhe.co.nz/2008/08/22/is-economics-not-transparent-enough/ The Visible Hand in Economics Mon, 25 Aug 2008 00:18:42 +0000 hourly 1 https://wordpress.org/?v=6.9.4 By: Matt Nolan http://www.tvhe.co.nz/2008/08/22/is-economics-not-transparent-enough/#comment-2211 Mon, 25 Aug 2008 00:18:42 +0000 http://tvhe.wordpress.com/?p=949#comment-2211 “Isn’t that what the mainstream inflation expectations and consumption models are all about?”

Indeed and that raises the question:

“However, if us economists can’t agree on the appropriate characterisation of an economic actor (and thereby we adjust our characterisation in an ad hoc manner), how can the results of our economic models be transparent (as what determines the fundamental “rational agent” is unclear)?”

– I would term a lot of modern inflation expectations and consumption models as ad hoc.

As a result, is our set of value judgments actually as transparent as we say it is?

]]> By: CPW http://www.tvhe.co.nz/2008/08/22/is-economics-not-transparent-enough/#comment-2210 Sun, 24 Aug 2008 22:11:47 +0000 http://tvhe.wordpress.com/?p=949#comment-2210 There is a simple answer, have a model where some agents are rational and some agents are impressionistic, then it is just a matter of calibrating the percentage of each until we match reality! 😛 Isn’t that what the mainstream inflation expectations and consumption models are all about?

]]> By: John http://www.tvhe.co.nz/2008/08/22/is-economics-not-transparent-enough/#comment-2209 Fri, 22 Aug 2008 08:45:39 +0000 http://tvhe.wordpress.com/?p=949#comment-2209 “It’s not a science it’s…[forgot the rest]”….> Frog.

]]> By: Matt Nolan http://www.tvhe.co.nz/2008/08/22/is-economics-not-transparent-enough/#comment-2208 Fri, 22 Aug 2008 03:10:41 +0000 http://tvhe.wordpress.com/?p=949#comment-2208 “Thanks Kissinger. Wise words there from a brave mortal-combating 5-year old, taken before his time to everyones detriment, to be sure.”

Love the sarcasm – you can tell it is now past 3pm on a Friday afternoon 😛

]]> By: Kimble http://www.tvhe.co.nz/2008/08/22/is-economics-not-transparent-enough/#comment-2207 Fri, 22 Aug 2008 03:04:53 +0000 http://tvhe.wordpress.com/?p=949#comment-2207 Thanks Kissinger. Wise words there from a brave mortal-combating 5-year old, taken before his time to everyones detriment, to be sure.

]]> By: Kissinger http://www.tvhe.co.nz/2008/08/22/is-economics-not-transparent-enough/#comment-2206 Fri, 22 Aug 2008 02:43:11 +0000 http://tvhe.wordpress.com/?p=949#comment-2206 Paper should be edible, nutritious. Inks used for printing or writing should have delicious flavors. Magazines or newspapers read at breakfast should be eaten for lunch. Instead of throwing one’s mail in the waste-basket, it should be saved for the dinner guests.JohnCageJohn Cage, M, Writings 1967 – 1972

]]> By: Matt Nolan http://www.tvhe.co.nz/2008/08/22/is-economics-not-transparent-enough/#comment-2205 Fri, 22 Aug 2008 02:32:24 +0000 http://tvhe.wordpress.com/?p=949#comment-2205 “second place, or third.”

I have to admit that I enjoyed that quote as well.

I made this post as I was just wondering if anyone had anything to say about transparency (given that some people feel that even though economics is explicit about its assumptions, it is still not transparent). However, there are no comments from anyone that thinks that yet 😛

]]> By: Kimble http://www.tvhe.co.nz/2008/08/22/is-economics-not-transparent-enough/#comment-2204 Fri, 22 Aug 2008 01:44:30 +0000 http://tvhe.wordpress.com/?p=949#comment-2204 28. The speaker apparently believes that there is still one free lunch.

wins imo

“Perhaps this suggests a methodological narrowness to neoclassical economics. But equally, it is the clarity of the framework that gives economic analysis its power.”

second place, or third.

]]>