Thread: Modern Economics

Originally Posted by Giftedone

Reading a book and understanding what one is reading are two different things.

One doesn't bother with the books. It can take years just to get published in academic journals. Books are then typically rehashes of previous work. You need to try and keep up-to-date, you might not make so many errors.

From the numerous times you have used terms and words out of context and seemed to have little understanding of these words, I would say that your skills at dodging reality are much better than your reading comprehension.

Just another sullen teen effort. If you'd like to provide some economic comment, perhaps linking my perceived error and the state of modern economics, then be my guest. I will assume that you won't manage to achieve that

Originally Posted by Giftedone

Reading a book and understanding what one is reading are two different things.

From the numerous times you have used terms and words out of context and seemed to have little understanding of these words, I would say that your skills at dodging reality are much better than your reading comprehension.

I find those that are clear and concise have a better grasp of the topic than those that rely heavily on buzzwords.

Originally Posted by Not Amused

I find those that are clear and concise have a better grasp of the topic than those that rely heavily on buzzwords.

The problem is that you assume 'buzzwords' when its just very basic economics. How can you evaluate the state of modern economics when all you have is a podcast or two? Crikey, be serious!

Originally Posted by Reiver

The problem is that you assume 'buzzwords' when its just very basic economics. How can you evaluate the state of modern economics when all you have is a podcast or two? Crikey, be serious!

Rather than waste further time .. perhaps we can reflect upon Random's commentary to your posts.

Originally Posted by Random_Variable

You have never steped foot in an economics course. Fact.

Everything you said is irrelevant to the discussion, as it does not preclude the use of complex mathematical models used by practitioners. Krugman pointed out that modern economists are too reliant on mathematical models (ie he agrees with what I said in the OP).

You have been thoroughly destroyed & humiliated in this thread.

If nothing else, this thread has established that you are unintelligent, uneducated, and delusional. I'd also venture a guess that you are also poor/unemployed (this is why you are a proponent of socialism) as you post on this forum at all times of the day & you clearly have nothing better to do than to regurgitate Marxist material you obtain online.

Originally Posted by Reiver

The problem is that you assume 'buzzwords' when its just very basic economics. How can you evaluate the state of modern economics when all you have is a podcast or two? Crikey, be serious!

You know what they say about assumptions - over 300, hour+ long pod casts. Below is a partial list (not one, undefined buzzword in the lot)

With all your posts, I don't have to assume you use buzzwords. I just look them up. Very basic economics, made complicated with buzzwords, to create an illusion of intelligence.

4/16/2012
Autor on Disability
David Autor

4/9/2012
Burkhauser on the Middle Class
Richard Burkhauser

4/2/2012
Eugene White on Bank Regulation
Eugene White

3/26/2012
Boudreaux on Public Debt
Don Boudreaux

3/19/2012
Acemoglu on Why Nations Fail
Daron Acemoglu

3/12/2012
Derman on Theories, Models, and Science
Emanuel Derman

3/5/2012
Calomiris on Capital Requirements, Leverage, and Financial Regulation
Charles Calomiris

2/27/2012
Weinberger on Too Big to Know
David Weinberger

2/20/2012
Adam Davidson on Manufacturing
Adam Davidson

2/13/2012
David Owen on the Environment, Unintended Consequences, and The Conundrum
David Owen

2/6/2012
William Black on Financial Fraud
William Black

1/30/2012
Fama on Finance
Eugene Fama

1/23/2012
David Rose on the Moral Foundations of Economic Behavior
David Rose

1/16/2012
Taleb on Antifragility
Nassim Taleb

1/9/2012
Dean Baker on the Crisis
Dean Baker

1/2/2012
Sumner on Money and the Fed
Scott Sumner

12/26/2011
Tabarrok on Innovation
Alex Tabarrok

12/19/2011
Klein on Knowledge and Coordination
Daniel Klein

12/12/2011
Munger on Profits, Entrepreneurship, and Storytelling
Mike Munger

12/5/2011
Cowen on the European Crisis
Tyler Cowen

11/28/2011
Simon Johnson on the Financial Crisis
Simon Johnson

11/21/2011
Taubes on Fat, Sugar and Scientific Discovery
Gary Taubes

11/14/2011
Baumeister on Gender Differences and Culture
Roy Baumeister

11/7/2011
Kaplan on the Inequality and the Top 1%
Steven Kaplan

10/31/2011
Avent on Cities, Urban Regulations, and Growth
Ryan Avent

10/24/2011
Ramey on Stimulus and Multipliers
Valerie Ramey

10/17/2011
Wapshott on Keynes and Hayek
Nicholas Wapshott

10/10/2011
Frank Rose on Storytelling and the Art of Immersion
Frank Rose

10/3/2011
Bruce Meyer on the Middle Class, Poverty, and Inequality
Bruce Meyer

9/26/2011
Rosenberg on the Nature of Economics
Alex Rosenberg

9/19/2011
Garett Jones on Stimulus
Garett Jones

9/12/2011
Frank on Competition, Government, and Darwin
Robert Frank

9/5/2011
Winston on Lawyers
Clifford Winston

8/29/2011
Hanushek on Teachers
Eric Hanushek

8/22/2011
O'Donohoe on Potato Chips and Salty Snacks
Brendan O'Donohoe

8/15/2011
Brady on the Electorate and the Elections of 2010 and 2012
David Brady

8/8/2011
Satz on Markets
Debra Satz

8/1/2011
Admati on Financial Regulation
Anat Admati

7/25/2011
Hennessey on the Debt Ceiling and the Budget Process
Keith Hennessey

7/18/2011
Taylor on Fiscal and Monetary Policy
John Taylor

7/11/2011
Banerjee on Poverty and Poor Economics
Abhijit Banerjee

7/4/2011
Skeel on Bankruptcy and the Auto Industry Bailout
David Skeel

6/27/2011
Otteson on Adam Smith
James Otteson

6/20/2011
Munger on Exchange, Exploitation and Euvoluntary Transactions
Mike Munger

6/13/2011
Buchholz on Competition, Stress, and the Rat Race
Todd Buchholz

6/6/2011
Eichengreen on the Dollar and International Finance
Barry Eichengreen

5/30/2011
Easterly on Benevolent Autocrats and Growth
William Easterly

5/23/2011
Harford on Adapt and the Virtues of Failure
Tim Harford

5/16/2011
Byers on the Blind Spot, Science, and Uncertainty
William Byers

5/9/2011
Caplan on Parenting
Bryan Caplan

5/2/2011
Papola on the Keynes Hayek Rap Videos
John Papola

4/25/2011
Rubinstein on Game Theory and Behavioral Economics
Ariel Rubinstein

4/18/2011
Munger on Microfinance, Savings, and Poverty
Mike Munger

4/11/2011
Rodrik on Globalization, Development, and Employment
Dani Rodrik

4/4/2011
Andresen on BitCoin and Virtual Currency
Gavin Andresen

3/28/2011
Vincent Reinhart on Bear Stearns, Lehman Brothers, and the Financial Crisis
Vincent Reinhart

3/21/2011
Coyle on the Economics of Enough
Diane Coyle

3/14/2011
Townsend on Development, Poverty, and Financial Institutions
Robert Townsend

3/7/2011
Dyson on Heresy, Climate Change, and Science
Freeman Dyson

2/28/2011
George Will on America, Politics, and Baseball
George Will

2/21/2011
Acemoglu on Inequality and the Financial Crisis
Daron Acemoglu

2/14/2011
Cowen on the Great Stagnation
Tyler Cowen

2/7/2011
Kling on Patterns of Sustainable Specialization and Trade
Arnold Kling

1/31/2011
Deer on Autism, Vaccination, and Scientific Fraud
Brian Deer

1/24/2011
Fazzari on Stimulus and Keynes
Steve Fazzari

1/17/2011
Boudreaux on Monetary Misunderstandings
Don Boudreaux

1/10/2011
Caldwell on Hayek
Bruce Caldwell

1/3/2011
Hanson on the Technological Singularity
Robin Hanson

12/27/2010
Boettke on Mises
Pete Boettke

12/20/2010
Nocera on the Crisis and All the Devils Are Here
Joe Nocera

12/13/2010
Abdallah on Hair and Running a Small Business
Wafaya Abdallah

12/6/2010
Selgin on the Fed
George Selgin

11/29/2010
Kelly on Technology and What Technology Wants
Kevin Kelly

11/22/2010
Phillipson on Adam Smith
Nicholas Phillipson

11/15/2010
Robert Frank on Inequality
Robert Frank

11/8/2010
Don Boudreaux on China, Currency Manipulation, and Trade Deficits
Don Boudreaux

11/1/2010
Quiggin on Zombie Economics
John Quiggin

10/25/2010
Hazlett on Apple vs. Google
Thomas Hazlett

10/18/2010
Ridley on Trade, Growth, and the Rational Optimist
Matt Ridley

10/11/2010
Irwin on the Great Depression and the Gold Standard
Douglas Irwin

10/4/2010
Caplan on Immigration
Bryan Caplan

9/27/2010
Greenberg on Depression, Addiction, and the Brain
Gary Greenberg

9/20/2010
Richard Epstein on Regulation
Richard Epstein

9/13/2010
de Botton on the Pleasures and Sorrows of Work
Alain de Botton

9/6/2010
Kling on Knowledge, Power, and Unchecked and Unbalanced
Arnold Kling

8/30/2010
Daniel Pink on Drive, Motivation, and Incentives
Dan Pink

8/23/2010
Munger on Private and Public Rent-Seeking
Mike Munger

8/16/2010
Kennedy on the Great Depression and the New Deal
David Kennedy

8/9/2010
Laughlin on the Future of Carbon and Climate
Robert Laughlin

8/2/2010
Brady on the State of the Electorate
David Brady

7/26/2010
Robert Service on Trotsky
Robert Service

7/19/2010
Taylor on the State of the Economy
John Taylor

7/12/2010
Gregory on Politics, Murder, and Love in Stalin's Kremlin
Paul Gregory

7/5/2010
Kling on the Unseen World of Banking, Mortgages, and Government
Arnold Kling

6/28/2010
Caplan on Hayek, Richter, and Socialism
Bryan Caplan

6/21/2010
Sumner on Growth and Economic Policy
Scott Sumner

6/14/2010
Blakley on Fashion and Intellectual Property
Johanna Blakley

6/7/2010
Okrent on Prohibition and His Book, Last Call
Daniel Okrent

5/31/2010
Menand on Psychiatry
Louis Menand

5/24/2010
Belsky on Journalism, Editing, and Trivia
Gary Belsky

5/17/2010
Roberts on the Crisis
Russ Roberts

5/10/2010
Leamer on the State of Econometrics
Ed Leamer

5/3/2010
Taleb on Black Swans, Fragility, and Mistakes
Nassim Taleb

4/26/2010
Romer on Charter Cities
Paul Romer

4/19/2010
Munger on Love, Money, Profits, and Non-profits
Mike Munger

4/12/2010
Ravitch on Education
Diane Ravitch

4/5/2010
Benkler on Net Neutrality, Competition, and the Future of the Internet
Yochai Benkler

3/29/2010
De Vany on Steroids, Baseball, and Evolutionary Fitness
Arthur De Vany

3/22/2010
Meyer on the Music Industry and the Internet
Steve Meyer

3/15/2010
Don Boudreaux on Public Choice
Don Boudreaux

3/8/2010
Newman on Low-wage Workers
Katherine Newman

3/1/2010
Ritholtz on Bailouts, the Fed, and the Crisis
Barry Ritholtz

2/22/2010
Garett Jones on Macro and Twitter
Garett Jones

2/15/2010
Phelps on Unemployment and the State of Macroeconomics
Edmund Phelps

2/8/2010
Roberts on Smith, Ricardo, and Trade
Russ Roberts

2/1/2010
Larry White on Hayek and Money
Lawrence White

1/25/2010
Spence on Growth
Michael Spence

1/18/2010
Munger on Many Things
Mike Munger

1/11/2010
Belongia on the Fed
Michael Belongia

1/4/2010
Rustici on Smoot-Hawley and the Great Depression
Thomas Rustici

All telling you what to think and all inferior to literature review methods. But you reckon different? Get yourself a PhD by listening to podcasts!

Originally Posted by Reiver

This is meaningless! Research typically tests hypothesis, with the empirical process then checking robustness with the use of alternative data, variation in empirical specification and different econometric methodology. Its this constamt ability to test and to critique that ensures modern economics flourishes

You have no idea how hypothesis testing is applied in practice (in physical science or social science) nor do you seem to have any clue as to what its limitations in economics research are (of which there are plenty enough so as to not take most of it seriously.) Also, the fact that you used terminology without understanding it is clear to anyone with knowledge of the topic.

I could go on about these limitations. From the fact that economists have only a single sample of the variables of interest at their disposal (limiting their ability to make any significant inference) given the lack of replicability of the sampe through repeated sampling in identical conditions, to the fact that significance levels used in most tests are inappropriate given the amount of information that can be extracted from the data, to the lack of useage of power functions (failing to reject the null is not equivalent to having evidence that the null is true; this is usually a mistake one makes when relying solely on the p-value.)

But it would be lost on you.

Originally Posted by Reiver

All telling you what to think and all inferior to literature review methods. But you reckon different? Get yourself a PhD by listening to podcasts!

Assumptions again, show me one of the podcast that tells me how to think, whereas you tell everyone what to think.

I find the podcasts informative in a way that makes economics exciting. As an example, there are 7 podcasts on the Great Depression. One described the impact of Frances accumulation of gold, another described the impact of tarrif wars, yet another, the impact of government policies. It made me realize just how much it took to bring down the economy.

Why would I want a PHd? I couldn't afford the pay cut to work in economics.

Originally Posted by Random_Variable

You have no idea how hypothesis testing is applied in practice

Wrong. I employ econometricians to do it for me. One needs a passing knowledge of the procedures used.

From the fact that economists have only a single sample of the variables of interest at their disposal (limiting their ability to make any significant inference) given the lack of replicability of the sampe through repeated sampling in identical conditions, to the fact that significance levels used in most tests are inappropriate given the amount of information that can be extracted from the data, to the lack of useage of power functions (failing to reject the null is not equivalent to having evidence that the null is true; this is usually a mistake one makes when relying solely on the p-value.)

You've not actually said anything here. You certainly haven't shown the hypothesis testing methods used aren't robust. The "significance levels used" comments was particularly cretinous. We also never accept, only fail to reject (making your other comment just a post filler)

Originally Posted by Not Amused

Why would I want a PHd?

I'm surprised they didn't give you one as soon as you opened up that podcast!