Monday, March 24, 2014

Arrogant physicists -- they think economics is easy?


Economist Chris House wonders why so many physicists are drawn to economics. It's a fair question, and I suppose it must seem strange -- perhaps irritating -- to see people interloping from a foreign field, fully convinced that they'll be able to help out even without formal economics training. Chris thinks the physicists often believe, mistakenly, that they're mathematically superior to economists, and so might be able to sort out some big problems quite easily.

I don't think that's the reason. If anyone does think that, then they're being quite silly. Here's why I think physicists are drawn to economics, over at Medium.com.

16 comments:

  1. Thank you for the post. The failure of macroeconomic theory just when it was needed most should have left an impression on economists. It's a red flag, a warning sign, and one that has zero possibility of being ignored in this day and age.

    The value provided by general equilibrium theory is now outweighed by the fact that it is of no use during market events such as the one we experienced in 2007-2008. That was some sort of phase transition, perhaps a move to another portion of an attractor in some state space.

    If that is what was going on, and the flash crash that followed certainly points in that direction, then it's crucial that we develop model market economies and run them through their paces - the agent based stuff you've discussed.

    I'm not sure what it's going to take to break down the entrenched and heavily blinkered notions of many - not all but many - academic economists, but it better happen quickly. We can't afford this sort of crash and burn given what's at stake in the global economy. It really is all one.

    ReplyDelete
  2. You really help me out my friend, thanks ! For more information about friv game, visit
    friv games 4
    friv 6 jogos
    friv 5 games
    friv 10

    ReplyDelete
  3. Designated Driver Dubai is an Sober Driver Dubai Most Trusted Driver In UAE. Sober Driver Dubai from ExpertDrivers.ae Welcome to Awesome Drive, an emerging chauffeur service in all over dubai.
    Book a safe Designated driver in Dubai to get back home safely. A reliable, designated, safe driver service starts @ 70 AED only for 24x7 at any time day or night.

    ReplyDelete
  4. The Physicists' Arrogance PZ Myers, a biologist, issued a critical critique of physicist Michio Kaku's video yesterday. If you want to take a assignment writing service UK so you can contact us.

    ReplyDelete
  5. Thank you for sharing this blog !!
    Required Safe driver Dubai? Call +971 52 894 8931 to hire a driver in Dubai. Hiring a safe driver Dubai is the best thing to do if you are in Dubai and Awesome Drive is the best safe Driver Company. Awesome Drive welcomes you to a chauffeur-driven service. It is a driver company operating in Dubai.



    ReplyDelete
  6. unique candle molds offer an exciting way to craft candles that stand out from the ordinary.

    ReplyDelete
  7. dental implant lead generation leverages online ads and engaging content to attract potential patients and boost practice growth!

    ReplyDelete
  8. A Water purifier is an essential appliance that removes contaminants and impurities from drinking water, ensuring safe and clean water for consumption while enhancing taste and odor, promoting better health for you and your family.

    household furniture encompasses a variety of essential and decorative items, including sofas, beds, tables, chairs, and storage solutions, designed to enhance comfort, functionality, and aesthetic appeal in living spaces.

    A Portable Masjid is a mobile mosque designed for temporary use, often set up for community events, outdoor gatherings, or areas lacking permanent prayer facilities, providing essential space for worship, reflection, and community engagement.

    ReplyDelete
  9. Digital Store Pk is an online retail platform offering a wide range of electronic products, gadgets, and accessories, focusing on providing quality items and competitive prices to customers across Pakistan.

    A medina to makkah taxi typically costs between 300 to 500 SAR and takes around 4 to 5 hours, depending on traffic conditions.

    The contact number for 14th street pizza contact number They have multiple locations, including Karachi, Islamabad, Multan, Faisalabad, and Lahore, offering a variety of delicious pizza options.

    ReplyDelete
  10. Ro filter price usually range from PKR 3,000 to PKR 15,000, depending on the brand and specifications. For the best deals, check local suppliers or online marketplaces.


    Unlock your online potential with ourafforadable seo services tailored to boost your visibility and drive traffic!



    ReplyDelete
  11. airport transfer offer a seamless way to travel to and from the airport, providing peace of mind and convenience


    Finding a financial consultant near me you can be a game-changer for your financial planning. Local consultants understand regional markets and can provide personalized advice tailored to your specific needs

    ReplyDelete
  12. They www.labtestsguide.com commonly used for shuttle services, school transport, group outings, and tourism, offering a balance between capacity and maneuverability in urban and rural settings.

    Funeral Transportation refers to the services and vehicles used to transport the deceased, family members, and attendees during funeral services.

    ReplyDelete
  13. It seems like you might be looking for something related to fri chicks lahore If you meant "Fri Chicks," I can help with more information about that. If you meant something else, could you provide a bit more detail?

    ReplyDelete
  14. It seems like you might be looking for something related to "Fri." If you meant frichicks I can help with more information about that. If you meant something else, could you provide a bit more detail?

    ReplyDelete
  15. "Alab tests guide provides comprehensive information on different diagnostic tests, including their purpose, procedure, and how to interpret results for better patient care."

    ReplyDelete
  16. sofa designs in pakistan showcase a wide range of styles, from luxurious traditional pieces with intricate woodwork to sleek, minimalist modern designs, catering to all tastes and budgets."

    ReplyDelete