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This article is full of strawmen fallacies. Paints with a broad brush by using "Economists" and "Economics" to mean the whole discipline. >Economists also ofte
by selflesssieve 8y ago
This article is full of strawmen fallacies. Paints with a broad brush by using "Economists" and "Economics" to mean the whole discipline.
>Economists also often get overly enamored with models that focus a narrow set of issues and identify first-best solutions in the circumscribed domain, at the expense of potential complications and adverse implications elsewhere.
Can loosely translate to: Economists like to study optimization problems whereby rigorous mathematical models conclude that to maximize one variable, other variables may be minimized.
- soVeryTired 8y ago> Economists like to study optimization problems whereby rigorous mathematical models conclude that to maximize one variable, other variables may be minimized. Thereby proving precise facts about models that are imprecise at best, and downright misleading at worst.
- selflesssieve 8y agoNo, the false assumption this article makes is that the models are the problem. The problem is how policy makers are influenced and advised by any inaccurate model and inability to learn quickly from it. My point was that you can't have it all. "Inclusive Economics" whatever that means is never going to be "good enough" so it's a very easy basis for an attack on "Economics".
- skohan 8y agoI read that sentence as being more about economic models failing to adequately account for externalities.