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FinanceProfessor.com: The Hubris of Economics | The Big Picture
Abnormal Returns: Wednesday links: one year later
naked capitalism: Guest Post: Wall Street Journal Admits Economists Were Wrong, But Fails to Discuss their INCENTIVE for Being Wrong
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The Hubris of Economics by Barry Ritholtz- http://bit.ly/3Ase1c via (@moneyscience) Agree we have problems.http://ow.ly/zbuK 20 days ago |
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Barry Ritholtz on The Hubris of Economics - http://bit.ly/3Ase1c 20 days ago |
The Hubris of Economics | The Big Picture
FinanceProfessor.com —
The Hubris of Economics | The Big Picture : Barry Ritholtz discussing a WSJ piece ( Crisis Compels Economists To Reach for New Paradigm .) "...an intriguing look at the problems of the the field of economics. It went, however, way too easy on both the profession and its practitioners. The article fails to ask some very basic questions about the soft science, and does not discuss the fundamental incompetency of many economists. Given the failures of the profession — failing to anticipate the worst recession in decades, missing the warping effect of the housing ...
Wednesday links: one year later
Abnormal Returns —
... Barry Ritholtz, “The belief in the validity of their models — like the theories they are based upon — is the Achilles heel of the profession.” (Big Picture) ...
Guest Post: Wall Street Journal Admits Economists Were Wrong, But Fails to Discuss their INCENTIVE for Being Wrong
naked capitalism —
... and this.
But the Journal makes it sound like the policy-makers and economists who deployed faulty models were innocently ignorant of any larger truths:
The models “were not able to draw up the red flags,” says Tim Besley, a professor at the London School of Economics who served on the Bank of England’s policy-making committee until recently.
Barry Ritholtz has an excellent criticism of the article, pointing out:
There are many areas I would have liked to see the ...
Information and Crude Complexity
The Oil Drum - Discussions about Energy and Our Future —
... . I certainly don't profess to have all the answers, but I certainly want to know enough not to get crushed by the BAU machine. So, in keeping with the traditions of the self-help movement, we first admit what we don't know and build from there. That becomes part of the scientific method, which a ...
Information and Crude Complexity
The Oil Drum - Discussions about Energy and Our Future —
... . I certainly don't profess to have all the answers, but I certainly want to know enough not to get crushed by the BAU machine. So, in keeping with the traditions of the self-help movement, we first admit what we don't know and build from there. That becomes part of the scientific method, which a ...
Information and Crude Complexity
The Oil Drum - Discussions about Energy and Our Future —
... . I certainly don't profess to have all the answers, but I certainly want to know enough not to get crushed by the BAU machine. So, in keeping with the traditions of the self-help movement, we first admit what we don't know and build from there. That becomes part of the scientific method, which a ...
