Put it on display
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economics
The disregard of radical uncertainty by a generation of economists condemned modern macroeconomics to near irrelevance … Keynes’ critique of ‘getting on the job’ without asking ‘whether the job is worth getting on with’ would prove to be as true of the new macroeconomic theorising as of the older econometric modeling … Over forty years, […]
Ergodicity often hides behind a veil of mathematical complexity, yet at its core, it offers a profoundly simple and insightful lens through which to view and understand probability and time. At its heart, it challenges us to distinguish between two distinct types of averages: the ensemble average and the time average. To grasp this distinction, let […]
It is well-known that Keynes frequently criticised more traditional economics for committing the ‘fallacy of composition.’ This fallacy essentially involves the mistaken belief that the whole is nothing more than the sum of its parts. Keynes argued that this is not the case in society or the economy, and that, a fortiori, an adequate analysis […]
Under Black Week gör utländska företag och storbanker miljardvinster på din, lokalsamhällets och miljöns bekostnad. Hjälp till att vända utvecklingen genom att bara handla lokalt och kontant den 24-30 november. Sedan Black Friday fick sitt genombrott i Sverige har e-handeln ökat explosionsartat. Senaste Black Week kördes 3,3 miljoner paket med lastbil och flyg till Sverige, […]
Although discounting empirical evidence cannot be the right way to solve economic issues, there are still, in my view, a couple of weighty reasons why we perhaps shouldn’t be too enthusiastic about the so-called ‘empirical revolution’ that behavioural economics has brought about in mainstream economics. Behavioural experiments and laboratory research face the same fundamental problem […]
Is it not patently unrealistic to suppose that individuals … base their decision on the size of the expected utility? While entirely natural and understandable, this objection is not strictly relevant … The hypothesis asserts rather that, in making a particular class of decisions, individuals behave as if they calculated and compared expected utility and […]
• Harré, Rom (1960). An introduction to the logic of the sciences. London: Macmillan • Bhaskar, Roy (1978). A realist theory of science. Hassocks: Harvester • Garfinkel, Alan (1981). Forms of explanation: rethinking the questions in social theory. New Haven: Yale U.P. • Lieberson, Stanley (1987). Making it count: the improvement of social research and theory. Berkeley: Univ. […]
I’ll keep this mercifully short. One commenter in my Friday night econ news post asked, in a kind of oblique way, what would I do in this environment. Okay, I’ll play — but not without stating firmly and loudly that I am not dispensing investment advice, nor am I licensed any longer to do so. […]