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It is certainly impossible to create realistic models of the economy, if one's economics is based on assumptions of linearity and equilibrium. Mark Buchanan's b
by gshubert17 10y ago
It is certainly impossible to create realistic models of the economy, if one's economics is based on assumptions of linearity and equilibrium. Mark Buchanan's book _Forecast_ [0] makes the case for more realistic models, using techniques from the natural sciences, that would have better predictive value.
[0] https://www.amazon.com/Forecast-Physics-Meteorology-Sciences-Economics/dp/1608198537 https://www.amazon.com/Forecast-Physics-Meteorology-Sciences...
- xyience 10y agoIs he rich from his superior models?
- gshubert17 10y agoGood question. The book's blurb says he is a science writer; I don't know how rich he is. I guess it's easier to point out the flaws in linear, equilibrium models, and to point to better results in, say, meteorology, from using better models based on different assumptions, than it is to construct and validate completely new economic models.