Friday, December 27, 2013

Robert Vienneau — Steve Keen: Economists Are "Insufficiently Numerate"

More thoughts on teaching economics.
Economists should know something beyond mathematics [including that necessary for analyzing chaotic and complex systems, which many economists do not learn now]. For example, they should have some knowledge of the sort of history developed by, say, Fernand Braudel or Eric Hobsbawm. And they should have some understanding of contemporary institutions. How can they learn all of this necessary background and the needed mathematics5, as well? I do not have an answer, although I can think of three suggestions. First, much of what economists currently teach might be drastically streamlined. Second, one might not expect all economists to learn everything; a pluralist approach might recognize the need for a division of labor within economics. Third, perhaps the culture of economics should be such that economists are not expected to do great work until later in their lifetimes. I vaguely understand history is like this, while mathematics is stereotypically the opposite.
Thoughts On Economics
Steve Keen: Economists Are "Insufficiently Numerate"
Robert Vienneau

Systems, systems, systems. Start with modeling simple static closed systems that are highly stylized and build up to modeling chaotic and complex dynamic open systems that aims at being representational. The math and application have already been developed in other sciences.


Roger Erickson said...

seems like a misstatement to me;

Numerals aren't the issue. The entire economics profession is insufficiently "Operationalate," since they spout too much theory that is irrelevant to current operations.

A classic case of BS lacking situational awareness.

Tom Hickey said...

Relationship between systems analysis and operations research-decision science-management science.

This would show up as a relationship among theoretical economics, political economics, and management, both private and public (not excluding other relevant disciplines and factors).

The educational system needs to develop and distribute the required expertise as well as ongoing R&D and institutional arrangements need to ensure that the requisite knowledge and experience is not only adequately distributed but being utilized effectively and efficiently.

The capacity is available. It is not being employed adequately.