Math Problems

Assessing this is beyond my math chops to assess, but it is an interesting criticism of the use of math in economic by two math guys. 

Somewhat wonkish, but all verbal explanation. No math, although some familiarity with the context is required. Even without knowing the details, anyone should be able to catch the drift of these relatively short posts without being familiar with the references. 

The claim is that "mistakes were made."

Nassim Nicholas Taleb Blog
Inequality and Skin in the Game

Nassim Nicholas Taleb, scientific adviser at Universa Investments

This was posted in 2011 but it is still relevant.

Rick Bookstaber Blog
A Crack in the Foundation: An error that has wended its way through economics for 77 years

Rick Bookstaber | Research Principal in the Office of Financial Research

Rick Bookstaber — The Bifurcated Society

Read it at Rick Bookstaber
The Bifurcated Society
by Rick Bookstaber
Senior Policy Adviser to the Financial Stability Oversight Council and Senior Policy Adviser at the SEC.

If you have been following the current debate about employment, the job guarantee, productivity, living standard, distribution, and creating a vision for the future, go read this. It's insightful in itself and important to this debate, as well as for policy in general.


BTW, this post shows that the informal economy is growing by leaps and bounds. The informal economy is work performed that is not recorded as a transaction, hence, not included in GDP. Recent estimates are that the informal economy is on the order to 10 trillion USD globally.