Monday, September 3, 2012

Simon Wren-Lewis — What type of model should central banks use?


Why we are so screwed.

mainly macro
What type of model should central banks use?
Simon Wren-Lewis | Professor of Economics, Oxford University

3 comments:

JK said...

link isn't working

Tom Hickey said...

Thanks, fixed now.

Matt Franko said...

How about a "steam engine"? ;)

All of this so-called "modeling" is a complete waste of time.

You have to start with a vision of the human experience you want for your citizens, of course within the bounds of nature, and then simply MAKE IT HAPPEN thru our civil law.

At the core of all of this "modeling" is a desire to NOT be responsible. A rejection of human authority.

At core these "modelers" believe an economy is a "natural" process that can be "discovered" and "modeled". This is absurd.

What this guy Lewis is trying to do with "modeling" is the same thing that Soddy/Descartes were proposing which you can see in the post below. ie "Energy can save us", or "technology can save us", or Cantor: "the 'job creators' can save us!", "Anything BUT human Authority can save us!"...

Even the word, "economics" is from the Greek "household management". The key word here being MANAGEMENT.

Who else would ever try to "model" management? That doesnt even make semantic sense. It's like an oxymoron.

If you do need a semantic description for a root of our current "problems" tho I can provide one in 3 words: LIB BER TARIANISM.