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25

Discussion Tuesday

Criticising broad economics for measuring and discussing issues on the basis that macro forecasts predictions are inaccurate is equivalent to criticising climate science because weather forecasting is inaccurate. Note: https://twitter.com/neurobonkers/status/422097747563409408/photo/1

26

Thinking about what ‘economics’ is

I am trying to gradually clarify my perception of what economics is.  Here are some cliff notes from a recent discussion I had: Economists try to answer questions about “the allocation of resources given scarcity”.  Every question is quite specific and different, economics education involves learning a broad set of skills that allow us to […]

27

Folk addiction = time inconsistency?

As you may or may not know, I am a vegetarian.  As a result, occasionally I talk myself into needing more protein.  To do this I eat cashews, which I think are actually just mainly fat, but are very yummy. Anyways, I went along to the supermarket and purchased a small number of cashews.  The […]

29

Our competitive nature is not natural

The heart of economics is an understanding of human choice. Our theories are almost all constructed on a utilitarian model of preferences and choice so understanding how we can improve that model is crucial to progress. Plenty of work has been done by behavioural empiricists on the heuristics that guide our behaviour and the anomalies […]

30

On microfoundations

Some recent post on the necessity of microfoundations that I found interesting. Issues about microfoundations. Why you don’t need rigorous microfoundations. Update: Zombie Marx – illustrating the similarities between Marxism and Neo-classical economics.  ht Guan. I agree with these in part, especially when it comes to macroeconomics (whether this is appropriate depends on your view on […]