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angrybear.blogspot.com - 10/3/2008
What's Wrong with Economic Theory as Presented to the Public ?
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Robert Waldmann I have a very low opinion of economic theory. I think that its survival is the result of a bait and switch where the core principles (roughtly Nash equilibrium) can't be proven false, because they have no implications, and, given the fact that they have not been proven false, ...

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Economist's View:  "What's Wrong with Economic Theory as Presented to the Public?"

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"What's Wrong with Economic Theory as Presented to the Public?"
Economist's View — ... What's Wrong with Economic Theory as Presented to the Public?, by Robert Waldmann: I have a very low opinion of economic theory. I think that its survival is the result of a bait and switch where the core principles (roughtly Nash equilibrium) can't be proven false, because they have no implications, and, given the fact that they have not been proven false, economists attempt to convince people of the joint implications of the core principles and further assumptions which are known to be false. Fortunately, very few people pay much attention to economic theory. ...

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