As I used to tell my students:
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As I used to tell my students:
the key problem with economics is that to make analysis & predictions, many economists posit an idealised 'econoworld' & then later introduce elements to modify that analysis so that it starts to reflect real world conditions...
But, this leads to a bias towards the idea that the best economic policies are those which are most likely to establish conditions nearer 'econoworld'.
The disembedding of economics from society is its fatal flaw!
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As I used to tell my students:
the key problem with economics is that to make analysis & predictions, many economists posit an idealised 'econoworld' & then later introduce elements to modify that analysis so that it starts to reflect real world conditions...
But, this leads to a bias towards the idea that the best economic policies are those which are most likely to establish conditions nearer 'econoworld'.
The disembedding of economics from society is its fatal flaw!
I remember an economics textbook I had at school. There was a model for perfect competition, comprising an island divided into six equal areas, each having an equal amount of shoreline and hinterland. Any rise in prices automatically caused a fall in demand and vice versa. Keynesianism ruled, and monetarism was mentioned just once in a footnote. Obviously they went on to discuss the real world, but the model was enshrined as the mythical paradise from which everything was born.
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As I used to tell my students:
the key problem with economics is that to make analysis & predictions, many economists posit an idealised 'econoworld' & then later introduce elements to modify that analysis so that it starts to reflect real world conditions...
But, this leads to a bias towards the idea that the best economic policies are those which are most likely to establish conditions nearer 'econoworld'.
The disembedding of economics from society is its fatal flaw!
Absolutely. They also posit the idea of Economic Man in order for their theories to work. Sometimes I fear we are in danger of becoming that. -
I remember an economics textbook I had at school. There was a model for perfect competition, comprising an island divided into six equal areas, each having an equal amount of shoreline and hinterland. Any rise in prices automatically caused a fall in demand and vice versa. Keynesianism ruled, and monetarism was mentioned just once in a footnote. Obviously they went on to discuss the real world, but the model was enshrined as the mythical paradise from which everything was born.
@riggbeck @ChrisMayLA6 The core of the problem, in my opinion, is economists wanting to promote a picture of themselves doing an exact mathematical science, while actually engaged in a humanist domain of the behavioral sciences.
In a nutshell, it’s about identity. It’s about people wanting to BE somebody, rather than wanting to DO something.
On the other end of politics, it’s the same: Power demanding it’s justifications the aura of preciness & unquestionability.
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@riggbeck @ChrisMayLA6 The core of the problem, in my opinion, is economists wanting to promote a picture of themselves doing an exact mathematical science, while actually engaged in a humanist domain of the behavioral sciences.
In a nutshell, it’s about identity. It’s about people wanting to BE somebody, rather than wanting to DO something.
On the other end of politics, it’s the same: Power demanding it’s justifications the aura of preciness & unquestionability.
Yes, I'd agree.... there is a considerable amount of 'science envy' in economics which drives their choice of methodology & shapes their mindset - the economic mindset (which would include the issues in my earlier post today) is the problem, and of course economics course spend a lot of time inculcating young economists into it...
A defence is sometimes made that Masters & PhD students learn the difficulties with economics, but that (in my view) is partial at best!
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As I used to tell my students:
the key problem with economics is that to make analysis & predictions, many economists posit an idealised 'econoworld' & then later introduce elements to modify that analysis so that it starts to reflect real world conditions...
But, this leads to a bias towards the idea that the best economic policies are those which are most likely to establish conditions nearer 'econoworld'.
The disembedding of economics from society is its fatal flaw!
@ChrisMayLA6 Economics is one of the worst religions
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As I used to tell my students:
the key problem with economics is that to make analysis & predictions, many economists posit an idealised 'econoworld' & then later introduce elements to modify that analysis so that it starts to reflect real world conditions...
But, this leads to a bias towards the idea that the best economic policies are those which are most likely to establish conditions nearer 'econoworld'.
The disembedding of economics from society is its fatal flaw!
@ChrisMayLA6 Ah yes, I get that. For decades I’ve been saying in discussions of education theory that schools would work so well if we could only keep the kids out.
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I remember an economics textbook I had at school. There was a model for perfect competition, comprising an island divided into six equal areas, each having an equal amount of shoreline and hinterland. Any rise in prices automatically caused a fall in demand and vice versa. Keynesianism ruled, and monetarism was mentioned just once in a footnote. Obviously they went on to discuss the real world, but the model was enshrined as the mythical paradise from which everything was born.
@riggbeck @ChrisMayLA6 Settlers of Catan?
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@riggbeck @ChrisMayLA6 Settlers of Catan?
I had to look for Settlers of Catan on Wikipedia.
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@riggbeck @ChrisMayLA6 Settlers of Catan?
Crikey, I'd forgotten that game - a favourite among political economists for a while in the 1990s, when my academic career was getting under way
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@ChrisMayLA6 it is a great game if not a properly thought through model of economics
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As I used to tell my students:
the key problem with economics is that to make analysis & predictions, many economists posit an idealised 'econoworld' & then later introduce elements to modify that analysis so that it starts to reflect real world conditions...
But, this leads to a bias towards the idea that the best economic policies are those which are most likely to establish conditions nearer 'econoworld'.
The disembedding of economics from society is its fatal flaw!
This is then transmitted uncritically to the populace by journalists who don't understand or ignore the assumptions built in to models and the intrinsic limitations that should be inferred.
The same is true of polling.
What we need is much more humility among "experts" of all stripes, and more critical thinking across society. We just don't seem to be capable of dealing with nuance or uncertainty in public discourse.
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This is then transmitted uncritically to the populace by journalists who don't understand or ignore the assumptions built in to models and the intrinsic limitations that should be inferred.
The same is true of polling.
What we need is much more humility among "experts" of all stripes, and more critical thinking across society. We just don't seem to be capable of dealing with nuance or uncertainty in public discourse.
Indeed, but that lack of nuance is also because so much public discourse is taped by & responding to the simplified & ideologically driven 'commentary' from the media (much of which is actually political advocacy)
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Indeed, but that lack of nuance is also because so much public discourse is taped by & responding to the simplified & ideologically driven 'commentary' from the media (much of which is actually political advocacy)
Yes, corporate media is part of the big money distorting political discourse. And, as we see, if the oligarchs get bored with trying to influence media outlets, they simply buy them and control them directly.
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