. And, yes, there is a strong connection between the knapsack problem and Bellman’s principle of optimality through dynamic programming, which leverages the principle of optimality to break the problem into smaller subproblems and build up the solution …
economics
Economics courses at university in Australia have been under threat for several decades now and many specialist degrees have been abandoned by universities as student enrolments declined. When the federal government merged the vocational higher education institutions (Colleges of Advanced Education) with the universities in the late 1980s, traditional economics faculties were swamped with half-baked…
Sällan eller aldrig har man anledning vara nöjd med ekonomijournalistiken i press, radio och television. Ytterst få ekonomijournalister och börsanalytiker tar sitt jobb på allvar och bedriver ekonomisk journalistik värd namnet. De flesta av oss har därför sedan länge gett upp. Synd bara att allmänheten ska behöva nöja sig med det tyckmyckentrutade nonsens näringsliv och […]
Whereas increasing the difference between a model and its target system may have the advantage that the model becomes easier to study, studying a model is ultimately aimed at learning something about the target system. Therefore, additional approximations come with the cost of making the correspondence between model and target system less straight- forward. Ultimately, […]
. John Nash made groundbreaking contributions to game theory, particularly through his development of the concept of the Nash Equilibrium, which became a cornerstone of the analysis of strategic interactions in economics. Late in his life Nash, however, also came to be aware of a fundamental methodological weakness of game theory. Overemphasizing the reach of […]
Vi talar ofta i dag om tilltagande kriminalitet, sämre hälsa och ökade psykiska problem. Men nästan aldrig om vad dessa symptom i hög grad är orsakade av — arbetslösheten. 8,5% arbetslöshet är den högsta på ett decennium och sysselsättningsgraden har successivt sjunkit sedan 80-talet. Detta har lett till en ökning av främst otrygga jobb och […]
‘New Keynesian’ macroeconomist Simon Wren-Lewis has a post on his blog discussing how evidence is treated in modern macroeconomics (emphasis added): It is hard to get academic macroeconomists trained since the 1980s to address this question, because they have been taught that these models and techniques are fatally flawed because of the Lucas critique and […]
Here we are again, at the beginning of yet another year. Let’s hope it is an improvement on the last. The highlights of this past year have been two events …
The post The Gower Intitiative for Modern Money Studies newsletter – January 2025 appeared first on The Gower Initiative for Modern Money Studies.