Monday, October 17, 2016

Distinguished Economist Diagnoses the State of Macroeconomics: “It Has Gone Down a Blind Alley…” — David Bassett and François Claveau interview Alan Kirman


What wrong with the economics profession and what to do about it.

Evonomics
Distinguished Economist Diagnoses the State of Macroeconomics: “It Has Gone Down a Blind Alley…”
David Bassett, Research Master student in philosophy and economics in the Faculty of Philosophy at the Erasmus University Rotterdam, and François Claveau, PhD candidate at the Erasmus Institute for Philosophy and Economics (EIPE) and a co-editor of the Erasmus Journal for Philosophy and Economics, interview Alan Kirman, Professor Emeritus of Economics at the University of Aix-Marseille III and at the Ecole des Hautes Etudes en Sciences Sociales and member of the Institut Universitaire de France

4 comments:

Matt Franko said...

Do bees produce surplus honey that they then take to a neighboring hive and offer that honey in exchange for a secondary substance ?

Bob said...

Beekeepers do.

Ryan Harris said...

I don't think economists realize yet their usefulness in opinining over models and methods and analysis can be done with machine learning techniques more quickly, and efficiently. Structured learning and reducing complex data to understandable points has been greatly simplified in new computing techniques, the models themselves become emergent. Relative merits of different models can be simultaneously evaluated and constantly updated in real time to match evolving realities that emerge in a ways economists could never do manually through publishing and criticizing and repeating over decades, where it might take years and billions in wages to make connections that computers can make in seconds. I doubt banks, governments and other institutions will continue to pay high dollars for these relatively low value added repetitive services. Even though adoption has been slow in economics, the output is great, and the barriers to entry and low costs should hopefully cause a revolution sooner than later.

Matt Franko said...

They'd rather study bees and ants Ryan....

Darwin strikes again....