The Trouble With Economics @troublewithecon
New economic thinking that puts the behavioral back in economics. We're BIG believers in behavioral/complexity/alternative approaches to understanding economics thetroublewitheconomics.com Chicago | Singapore Joined August 2016-
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The Trouble With Economics retweeted
"Economics limps along with one foot in untested hypotheses and the other in untestable slogans." -Joan Robinson
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The Trouble With Economics retweeted
"The myth that holds that the great corporation is the puppet of the market, the powerless servant of the consumer, is, in fact one of the devices by which its power is perpetuated." -John Kenneth Galbraith
George Box once famously wrote, “All models are wrong, some are useful.” (1976) But how useful can economic models be if their foundational assumptions aren’t just mildly wrong but are instead wildly wrong? youtube.com/watch?v=dc1egz…
What is the role of money, markets, in a good society?
What is the role of money, markets, in a good society?
The Trouble With Economics retweeted
In mainstream microeconomic theory, the law of diminishing marginal returns plays a central role. When additional units of a variable input (like labor) are added to a fixed input (like capital or land), marginal productivity eventually declines. As marginal productivity…
The Trouble With Economics retweeted
Monetarism wasn't a dangerous ideological experiment that got terrifyingly out of control. It was the ideological and programmatic form taken by a very deliberate and successful project to reassert the power of finance and property and to permanently weaken the unions. (4/4)
The Trouble With Economics retweeted
Here's the bottom line: "Bankers don’t like budget deficits because they compete with bank loans as a source of growth." thenation.com/article/archiv… Now you understand why the Wall St. billionaire Treasury Secretary wants to "delever" the public sector and "relever" the private…
Wonderful talk by @ClariceDAiello on biological magnetic quantum sensing today at the Fields Institute, ranging from the avian compass, cryptochrome fluorescence, to biological viability considerations on Mars!👏👏Superposition viewed as a resource for bona fide quantum sensing.
“[AI] is coming for the jobs that were supposed to be automation-proof.” washingtonpost.com/technology/202…
The Trouble With Economics retweeted
Here is the economics of Twitter blue ticks in one tweet: Cornell’s degrees are very valuable. People are willing to pay for it. If Cornell decides that it will now on sell all it’s degrees for a price, the market price of Cornell degree will quickly fall to zero.
The Trouble With Economics retweeted
I've been getting a few DM's saying "why are you not weighing in on the bank run?" The answer is simple. I don't know what's going on and neither does anyone else. Here's why? We live in a world where opinion is instant and analysis takes time.
"A finite game is played to win; there are clear victors and losers. An ∞ game is played to keep playing; the goal is to maximize winning across all participants." "A great deal of unnecessary suffering in the world comes from not knowing the difference." theatlantic.com/newsletters/ar…
A dogged certainty (or a pretense of it) that productivity growth is the answer to the economic growth generation conundrum (in that exclusive fwd causal direction) goes a long way in explaining today’s econ woes. That and a misunderstanding of Solow residuals and its link to TFP
Didn’t think we’d have “inability to grasp rate of change as a mathematical concept” as a Bingo card for 2022 after “inability to grasp exponential growth as a mathematical concept” in 2020/2021 but here we are with the reporting of latest inflation numbers.
Your periodic reminder to check that your preferences are stable and well-behaved: reflexive, symmetric and transitive 😂 @SMBCComics
Superb thread breaking down how (deliberate) confusion with causality/causal mechanism in the quantity theory of money (QT) has been invoked to justify monetarist prescriptions for dealing with current inflation without nuance.
Superb thread breaking down how (deliberate) confusion with causality/causal mechanism in the quantity theory of money (QT) has been invoked to justify monetarist prescriptions for dealing with current inflation without nuance.
The Trouble With Economics retweeted
My undergraduate students come to the same conclusion at the end of a 2000 word essay on Globalisation and inflation targeting.
My undergraduate students come to the same conclusion at the end of a 2000 word essay on Globalisation and inflation targeting.
This. And the whole thread on automation, productivity, wages and worker displacement.
This. And the whole thread on automation, productivity, wages and worker displacement.
What’s the term for this generalization/behavioral bias? 😂 Also, we aren’t the paragons of reason we imagine ourselves to be. @SMBCComics
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