Tuesday, May 1, 2018

Robert Vienneau — How Has Economics Failed?

Assumptions, metrics, empirics, historical ignorance, assuming the conclusion — let me count the ways.

Anyways, I want to focus on the failure of economic theory. I think any well-trained economist in some field knows how to tweak assumptions to get any results that they want. Start with a model of perfect competition. Add an information asymmetry, a transaction cost, a search cost, sticky prices and a Calvo fairy, some monopoly or monopsony, whatever. Then you can argue that some policy will lead back to efficient markets. Or, if so inclined, that government failure prevents any some implementation....
Thoughts On Economics
How Has Economics Failed?
Robert Vienneau

1 comment:

AXEC / E.K-H said...


Stop beating mainstream economics ― it is long dead

Economics: 200+ years of scientific incompetence and fraud

Economists: Standing on the Shoulders of Gnomes

Overreach: Economists have their fingers in every pie except real economics

Infantile model bricolage, or, How many economists can dance on a non-existing pinpoint?

Profit: after 200+ years still elusive

Egmont Kakarot-Handtke