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Politics and numbers | The Enlightened Economist
I’m thoroughly enjoying William Deringer’s Calculated Values: Finance, Politics and the Quantitative Age – almost finished. The book asks, why from the early…
reviews  17thC  18thC  19thC  economic_history  economic_culture  economic_models  statistics  rhetoric-political  political_press  parties  partisanship  books  review  kindle-available  from instapaper
march 2018 by dunnettreader
Paul Pfleiderer a Chameleons: The Misuse of Theoretical Models in Finance and Economics (2014) | Stanford Graduate School of Business
Chameleons: The Misuse of Theoretical Models in Finance and Economics
By Paul Pfleiderer
March 2014Working Paper No. 3020
Finance
In this essay I discuss how theoretical models in finance and economics are used in ways that make them “chameleons” and how chameleons devalue the intellectual currency and muddy policy debates. A model becomes a chameleon when it is built on assumptions with dubious connections to the real world but nevertheless has conclusions that are uncritically (or not critically enough) applied to understanding our economy. I discuss how chameleons are created and nurtured by the mistaken notion that one should not judge a model by its assumptions, by the unfounded argument that models should have equal standing until definitive empirical tests are conducted, and by misplaced appeals to “as-if” arguments, mathematical elegance, subtlety, references to assumptions that are “standard in the literature,” and the need for tractability.

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financial_system  downloaded  macroeconomics  economic_policy  economic_theory  economic_models 
april 2017 by dunnettreader
Adair Turner - The Skills Delusion | Project Syndicate - Oct 2016
LONDON – Everybody agrees that better education and improved skills, for as many people as possible, is crucial to increasing productivity and living standards…
economic_growth  economic_models  economic_history  inequality  social_mobility  education-higher  education-training  skills  Labor_markets  wages  student_debt  from instapaper
october 2016 by dunnettreader
Harry Garretsen and Ron Martin - Rethinking (New) Economic Geography Models: Taking Geography and History More Seriously | Spatial Economic Analysis: Vol 5, No 2 (2010)
Harry Garretsen and Ron Martin -- Spatial Economic Analysis, Vol. 5 , Iss. 2, 2010 -- Two aspects of New Economic Geography models are often singled out for criticism, especially by geographers: the treatment of geography, typically as a pre-given, fixed and highly idealized abstract geometric space; and the treatment of history, typically as ‘logical’ time (the movement to equilibrium in a model's solution space) rather than real history. In this paper we examine the basis for these criticisms, and explore how far and in what ways NEG models might be made more credible with respect to their representation of geography and history, and particularly whether and to what extent the work of geographers themselves provides some insights in this regard. We argue that the conceptualization of space and time is in fact a challenge for both NEG theorists and economic geographers, and that, notwithstanding their ontological and epistemological differences, both groups would benefit from an interchange of ideas on this front. -- downloaded to Tab S2
article  downloaded  economic_theory  economic_sociology  geography-and-economics  geography  economic_models  philosophy_of_social_science  historical_sociology  historiography 
august 2016 by dunnettreader
Michael T. Kiley - Macroeconomic Modeling of Financial Frictions for Macroprudential Policymaking: A Review of Pressing Challenges | FRB: FEDS Notes: May 2016
Structural macroeconomic modeling plays a central role economic policy discussions. Over the past fifty years, the overwhelming majority of such efforts have focused on the structural features of household, firm, and government behavior that lead to cyclical fluctuations in employment and inflation and the roles of monetary and fiscal policy in ameliorating undesirable volatility in economic performance. In recent years, the potential role of macroprudential policies in limiting excessive volatility in the financial sector and the consequent effects on economic performance has risen to the fore in academic and policy discussions. While progress in modeling for macroprudential policy analysis has been substantial, there remain many important challenges, and consensus on a core modeling framework remains far away. This note reviews some of the progress witnessed in recent years and challenges that remain. - downloaded to Tab S2
paper  Fed  macroprudential_policies  macroeconomics  economic_models  economic_theory  financial_stability  Great_Recession  bank_runs  money_market  housing  households  house_prices  leverage  intermediation  non-linear_models  downloaded 
july 2016 by dunnettreader
Bond Economics: review, "Capitalism" - By Anwar Shaikh - April 2016
Capitalism: Competition, Conflict, Crises is a comprehensive overview of economics published by the noted heterodox economist Anwar Shaikh. This article is…
Instapaper  books  reviews  economic_theory  heterodox_economics  macroeconomics  capitalism  business_cycles  competition  capitalism-systemic_crisis  financial_crisis  emergence  econophysics  economic_models  from instapaper
may 2016 by dunnettreader
Matt Bruening - What Larry Summers Gets Wrong On Piketty's 'Capital' | Demos May 15 2014
Does Piketty argue that if r > g , then the wealth-to-income ratio will rise? Or does Piketty argue that the wealth-to-income ratio moves towards s/g (savings rate divided by the growth rate)? Summers has him saying both! Despite Summers' first sentence, Piketty does not use "r > g" to explain the wealth-to-income ratio. He explains the wealth-to-income ratio solely by s/g. If the savings rate of an economy is 5% and the growth rate is 1%, then the wealth-to-income ratio will go to 5-to-1 and stay there at equilibrium. This is true whether r > g or not. Piketty does claim that the wealth-to-income ratio will increase, but it is based on this s/g logic. More specifically, he thinks the savings rate will probably stay where it is and growth will decline, and this will therefore cause s/g to get bigger.
investment  Piketty  savings  inequality  economic_models  economic_growth  EF-add  capital 
april 2016 by Werderbach
Suresh Naidu - Capital Eats the World | Jacobin May 2014
A first step could be a multisector model with both a productive sector and an extractive, rent-seeking outlet for investment, so that the rate of return on capital has the potential to be unanchored from the growth of the economy. This model could potentially do a better job of explaining r > g in a world where capital has highly profitable opportunities in rent-seeking ....More fundamentally, a model that started with the financial and firm-level institutions underneath the supply and demand curves for capital, rather than blackboxing them in production and utility functions, could illuminate complementarities among the host of other political demands that would claw back the share taken by capital and lower the amount paid out as profits before the fiscal system gets its take. This is putting meat on what Brad Delong calls the “wedge” between the actual and warranted rate of profit. -- We need even more and even better economics to figure out which of these may get undone via market responses and which won’t, and to think about them jointly with the politics that make each feasible or not. While Piketty’s book diagnoses the problem of capital’s voracious appetite, it would require a different kind of model to take our focus off the nominal quantities registered by state fiscal systems, and instead onto the broader distribution of political power in the world economy.
productivity  Piketty  books  wealth  property_rights  investment  inheritance  class_conflict  oligarchy  economic_theory  reviews  corporate_governance  neoclassical_economics  neoliberalism  capital  inequality  investors  heterodox_economics  finance_capital  labor  property  profit  unemployment  kindle-available  markets_in_everything  economic_growth  political_economy  corporate_citizenship  technology  rent-seeking  economic_models  1-percent  rentiers  Labor_markets  corporate_finance  tax_havens  savings  capitalism  taxes 
april 2016 by Werderbach
Geoffrey M. Hodgson - Conceptualizing Capitalism (summary) - Books & ideas - May 2015
Conceptualizing Capitalism: How the Misuse of Key Concepts Impedes our Understanding of Modern Economies -- One of the most commonly used concepts in modern humanities and social sciences, capitalism is also one of the most misunderstood. Away from politically biased takes on the subject, Geoffrey M. Hodgson proposes a new, law-based framework for understanding capitalism. Downloaded pdf to Note
books  kindle-available  intellectual_history  economic_theory  economic_models  economic_sociology  political_economy  legal_theory  philosophy_of_social_science  capitalism  downloaded 
april 2016 by dunnettreader
Brad DeLong - No: We Can't Wave a Magic Demand Wand Now and Get the Recovery We Threw Away in 2009 - Feb 2016
The estimable Mike Konczal writes: Mike Konczal: Dissecting the CEA Letter and Sanders's Other Proposals: "I would have done Gerald Friedman’s paper…
Instapaper  Great_Recession  macroeconomic_policy  macroeconomics  economic_growth  economic_models  hysterisis  elections-2016  from instapaper
february 2016 by dunnettreader
M. Ali Khan, The Irony in/of Economic Theory | JSTOR - MLN Vol. 108, No. 4 (Sep., 1993)
MLN, Vol. 108, No. 4, French Issue (Sep., 1993), pp. 759-803 -- DOI: 10.2307/2904961 -- via Eric Schliesser, attack on lack of reflexive thought by economists about the nature of their own enterprise and the assumptions undergirding their work -- starts with Samuelson's justification of the language of mathematics, and includes discussion of Kenneth Boulding's attack on his own profession for its failure to engage in philosophy of science, referring back positively to Veblen's critique -- downloaded pdf to Note
article  jstor  philosophy_of_science  philosophy_of_social_science  economic_theory  economic_models  history_of_science  history-and-social_sciences  economic_history  sociology_of_knowledge  sociology_of_science  mathematization  Methodenstreit  Samuelson  downloaded 
january 2016 by dunnettreader
Ravi Kanbur, Joseph Stiglitz - Wealth and income distribution: New theories needed for a new era | VOX, CEPR’s Policy Portal - 18 August 2015
Growth theories traditionally focus on the Kaldor-Kuznets stylised facts. Ravi Kanbur and Nobelist Joe Stiglitz argue that these no longer hold; new theory is needed. The new models need to drop competitive marginal productivity theories of factor returns in favour of rent-generating mechanism and wealth inequality by focusing on the ‘rules of the game.’ They also must model interactions among physical, financial, and human capital that influence the level and evolution of inequality. A third key component will be to capture mechanisms that transmit inequality from generation to generation. -- short and sweet summary of the various gaps in standard models and where both new explanatory and normative work needed -- also see references -- downloaded as pdf to Note
paper  economic_growth  economic_theory  economic_models  capital  productivity-labor_share  production  macroeconomics  distribution-wealth  distribution-income  inequality  inequality-wealth  labor_share  wages  inequality-opportunity  downloaded 
september 2015 by dunnettreader

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