All Posts Tagged With: "economic models"
Dangerous Political Naifs
Being well past the age of 50 and having spent nearly all my adult life as an academic economist, I seize the privilege of doing what so many other economists of my age and rank do—namely, offer unsolicited speculations about what is right and what is wrong with modern economics. First, something that is right. [...]
26Oct2011 | Donald J. Boudreaux | 10 comments | ContinuedAn Impossible Job
Conventional wisdom has it that the more complex a nation’s economy, the more government oversight and regulation are needed to keep it from spinning out of control. It follows that government must grow in size and complexity along with the economy. Apparently, however, our government has become so vast and complex that it may have [...]
24Feb2011 | Richard W. Fulmer | 2 comments | ContinuedThe Myth of the Model
Most people don’t notice it, but “model” may be the most dangerous word in the English language right now. Models justify a lot of the bad policies that have been, or soon will be, foisted on us. For example, what was used to justify the fiscal policy of the big “stimulus”? That’s right. And as [...]
20May2010 | Max Borders | 37 comments | ContinuedA Triple Whammy for Austrian Economics
They say that when economic times are good businesses can get away with sloppy practices. In the intellectual world, however, it seems that sloppy thinking prevails in desperate times and important distinctions get thrown out the window. A good example of this appeared recently in a March 4 New York Times article titled “Ivory Tower [...]
19Aug2009 | Sandy Ikeda | 9 comments | ContinuedHypnotized by Models
We live in an age where abstract models of the real world are held in high regard. Wall Street firms hire mathematicians and physicists to create sophisticated mathematical representations of various assets and markets. Meteorologists employ computer simulations in an attempt to anticipate the path of storms and predict next week’s weather. Marketing firms try [...]
1Mar2005 | and Gene Callahan | 1 comment | Continued-
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