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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 […]
Antonio Fatas discusses inherent bias in economics given our reference point – an important issue, and one that economists need to think on (Note: James wrote on this as well – we did our posts separately, so are focusing on different points). Specifically: This subtle (or not so subtle) bias in economic analysis is my […]
An interesting post by the Economic Logician that bears on our recent discussion: Physicists believe that social sciences can only be described as true sciences if on can figure out some laws that always apply, without exceptions, and if there some invariant constants that would be good, too. Social scientists do not believe this is […]
Matt has written a long post discussing Rosenberg and Curtain’s NYT article about the science of economics. Their basic point is that economics has a poor forecasting record so it’s not a science and we should just treat it as a useful art. Matt’s response engages directly with the philosophy of science but I think […]
I see the RBNZ has come out with the details of the LVR restrictions (loan-to-value limits on mortgages) they may well put in place soon. That is cool. I’m also a big fan of the “question and answer” style discussion of people’s submissions here. Brennan McDonald summarises the details here. However, in the release about […]
Blackberry, the phonemaker that popularized smartphones, may put itself up for sale. It has gone from a superstar to a has-been in less than a decade. Its share price has fallen from a peak of US$140 in 2008 to around $10 now. It was severely disrupted by Apple and other smartphone makers. I am one […]