An economics, investment, trading and policy blog with a focus on Modern Monetary Theory (MMT). We seek the truth, avoid the mainstream and are virulently anti-neoliberalism.
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Sunday, September 4, 2016
Jason Smith — A random physicist takes on economics: the first draft
Jason Smith tells us about his book is coming along.
That conclusion is exactly what I'd think an impartial observor would say and conclude about Economics. Perhaps discounting equilibrium economics, and being a little more harsh on the "rationality axiom", and particularly Rational Expectations. Also I would include disagreement with the metaphysical assumption involved with the PIH and Euler Equations.
Maybe questioning of Utility functions in the first place. Meh. there's just so much.
Random?..... oh brother here we go....
ReplyDeleteThat conclusion is exactly what I'd think an impartial observor would say and conclude about Economics. Perhaps discounting equilibrium economics, and being a little more harsh on the "rationality axiom", and particularly Rational Expectations. Also I would include disagreement with the metaphysical assumption involved with the PIH and Euler Equations.
ReplyDeleteMaybe questioning of Utility functions in the first place. Meh. there's just so much.
But I think he hit on core problems.