Game Theory: An assessment of the theory that aspires to unify the social sciences. Audio is now available here: Download: voice-007.m4a .
Listen in conjunction with the slides available here.The talk was delvered on Thursday 10th October 2013, 12:15 to 1:30p at the Lyndon B. Johnson Graduate School of Public Affairs (SRH 3.219/3.216), University of Texas at Austin, Austin Just as physics has its holy grail (A Theory of Everything Natural), so do the social sciences. Why do people think economists are charlatans? A couple posts back, I talked about the AEA panel called "What do economists think about major public policy issues?
". Actually, I only talked about one of the two papers that was presented there; the other was by Luigi Zingales, and was entitled "Comparing Beliefs of Economists and the Public. " Unfortunately, I can't find this paper anywhere online, which is a shame, because it was actually the more interesting of the two. Here is a download link to the working paper. Zingales either performed a survey or reviewed a survey (I can't remember which) that compared economists' and non-economists' positions on policy issues. The paper found quite a bit of disagreement, but here's the really interesting part: When normal people were told the position of the economists, they changed their positions in the opposite direction.
Economists Who Have Influenced Me. Many people find it difficult to place me in the intellectual universe of economics.
Anti-mankiw. Do Economists Make Markets? This file is also available in Adobe Acrobat PDF format Chapter 1 Introduction Monetary Theory at Thirteen Thousand Feet La Paz, January 1986.
The young Harvard economist who arrives at the airport has visited twice before, so he knows what to expect: the thin air of Bolivia’s capital, three and a half kilometers above sea level, which will leave him short of breath throughout his visit; the extreme poverty; the beauty of the mountains; the hyperinflation that is beginning.
The economist, Jeffrey Sachs, goes on to deliver his advice to Bolivia’s planning minister and then its president. Later, Sachs was to muse on his meager understanding of the country to whose leaders he gave his crucial advice. Nevertheless, commented Sachs, a meager knowledge of the context had not stopped his advice on monetary policy being successful. The Question of Performativity. The Assumptions Economists Make - Jonathan Schlefer. Economists make confident assertions in op-ed columns and on cable news—so why are their explanations often at odds with equally confident assertions from other economists?
And why are all economic predictions so rarely borne out? Harnessing his frustration with these contradictions, Jonathan Schlefer set out to investigate how economists arrive at their opinions. While economists cloak their views in the aura of science, what they actually do is make assumptions about the world, use those assumptions to build imaginary economies (known as models), and from those models generate conclusions.
Their models can be useful or dangerous, and it is surprisingly difficult to tell which is which. Schlefer arms us with an understanding of rival assumptions and models reaching back to Adam Smith and forward to cutting-edge theorists today. Schlefer takes up current controversies such as income inequality and the financial crisis, for which he holds economists in large part accountable. The (Many) Things Macroeconomists Don't Know - Justin Fox. By Justin Fox | 10:39 AM March 23, 2012 Jean-Claude Trichet, now a few months into retirement, has no regrets about his eight-year tenure as president of the European Central Bank.
At least, that’s what he said at Harvard’s Kennedy School Thursday night when a student asked him point blank. “I don’t regret anything,” was the response. An Engine, Not a Camera. 14.02 Principles of Macroeconomics, Fall 2004. 14.03 Microeconomic Theory and Public Policy, Fall 2010. Macroeconomics. Post-Autistic Economics Movement. Six winners of the Bank of Prize for Economics have written as follows.
". . . economics has become increasingly an arcane branch of mathematics rather than dealing with real economic problems" Milton Friedman “[Economics as taught] in 's graduate schools... bears testimony to a triumph of ideology over science.” Lectures. Association for Heterodox Economics. Minksy Archive. WELCOME This website is the portal to the papers of the late financial economist Hyman P. Minsky. The papers comprise writings, correspondence, notes, and ephemera. Professor Minsky was born in Chicago, Illinois, on September 23, 1919, and died in Rhinebeck, New York, on October 24, 1996. Much of his research centered on understanding and explaining financial crises. From 1949 to 1958 Minsky taught at Brown University, and from 1957 to 1965, at the University of California, Berkeley. Stabilizing an Unstable Economy - Hyman Minsky - McGraw-Hill Education.
€œMr.
Minsky long argued markets were crisis prone. His 'moment' has arrived.†-The Wall Street Journal In his seminal work, Minsky presents his groundbreaking financial theory of investment, one that is startlingly relevant today. He explains why the American economy has experienced periods of debilitating inflation, rising unemployment, and marked slowdowns-and why the economy is now undergoing a credit crisis that he foresaw. Stabilizing an Unstable Economy covers: The natural inclination of complex, capitalist economies toward instability Booms and busts as unavoidable results of high-risk lending practices “Speculative finance†and its effect on investment and asset prices Government's role in bolstering consumption during times of high unemployment The need to increase Federal Reserve oversight of banks.
Theories & Projections. Economic "theory" Real-World Economics Review. World Economics Assocation.