Friday, February 27, 2015

Bill Mitchell — The superiority of economists!

Its the Friday lay day blog and today I briefly discuss economists. What a topic! There is an interesting article just published in the Journal of Economic Perspectives that examines the way economists think of themselves and other social science disciplines. It is a horror story really. Having been immersed in the profession for many years now, I sometimes forget how bad it is. Here is what the study found. The title is a deliberate double entendre. It is more about the way economists think they are superior rather than any absolute finding of superiority....
Smackdown follows.

Bill Mitchell – billy blog
The superiority of economists!
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at the Charles Darwin University, Northern Territory, Australia

Matt Franko said...

"Economists even breach standard mathematical rules regarding what should go on the x-axis and y-axis in graphical depictions of relationships."

Interesting!

I'll assume the dependent variable should go on the y-axis...

Matt Franko said...

yep:

"In calculus, functions relate variables to each other. Given two variables x and y, and a function y = f(x) that specifies y in terms of x, then y is known as a dependent variable (and x is an independent variable)."

http://en.wikipedia.org/wiki/Dependent_and_independent_variables#Dependent_variable

Roger Erickson said...

Orthodox economists must be taught that everyone else depends on them. :(

http://mikenormaneconomics.blogspot.com/2013/09/a-currency-denominated-economy-cannot.html

Pity we no longer teach the Rhyme of the Ancient Marriner Eccles
http://mikenormaneconomics.blogspot.com/2013/08/rhyme-of-ancient-marriner-eccles-redux.html

Tom Hickey said...

And what reversing the convention regarding dependent and independent variables implies in real terms is reversing the causality. :o

Unknown said...

Of course they don't get the dependent and independent variables the wrong way around.

They really, really believe that the causality runs that way :)

Matt Franko said...

Neil/Tom yes! that is why Bill says they get the axis wrong imo... they have the causality backwards!

UFB! rsp,