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The vast majority of these quotes are discussing what is basically a psuedoscience - and no better than sociology - which is macroeconomics. There is little to

The vast majority of these quotes are discussing what is basically a psuedoscience - and no better than sociology - which is macroeconomics. There is little to complain about when discussing and analyzing the science of economics as it regards market analysis and deconstruction of how people trade stores of value. It is in the application of public policy and cherry-picked public analysis that it tends to become nonsense.

dredmorbius 10y ago
Both macro and microeconomic theory contain plenty of holes. Critiques of efficient and rationale markets by Arrow and Stiglitz come to mind in the latter, as well as much to call into question rational actor theories. There's been significant work since the 1950s on information in economics, mostly concerning risks and asymmetries. I'm seeing a further area that may be available for development by finding an underlying mechanism to Gresham's Law, which seems to me to underly a number of further interesting phenomena. There's also the fundamental misallocation of true and real costs in natural resource economics, based on a series of decisions tacitly made in the period 1880 - 1940, roughly, many of which turn out to have little bearing on reality. The failure of economics to account properly for the role of energy (there are those who have: R.U. Ayres and Charles A.S. Hall among them), combined with the misattribution of fossil energy costs, is particularly pronounced and makes a mockery of virtually all present pricing models. These all fall within the domain of micro. Problems within energy, healthcare, housing, education, and manufacturing sectors are all concerned with microeconomic factors. Philip Mirowski's More Heat than Light and numerous of Ha-Joon Chang's works address microeconomic conundrums. https://www.worldcat.org/title/more-heat-than-light-economics-as-social-physics-physics-as-natures-economics https://www.worldcat.org/title/more-heat-than-light-economic... https://www.worldcat.org/title/23-things-they-dont-tell-you-about-capitalism/oclc/727151841&referer=brief_results/oclc/865529447&referer=brief_results https://www.worldcat.org/title/23-things-they-dont-tell-you-...

dredmorbius 10y ago

Both macro and microeconomic theory contain plenty of holes. Critiques of efficient and rationale markets by Arrow and Stiglitz come to mind in the latter, as well as much to call into question rational actor theories. There's been significant work since the 1950s on information in economics, mostly concerning risks and asymmetries. I'm seeing a further area that may be available for development by finding an underlying mechanism to Gresham's Law, which seems to me to underly a number of further interesting phenomena. There's also the fundamental misallocation of true and real costs in natural resource economics, based on a series of decisions tacitly made in the period 1880 - 1940, roughly, many of which turn out to have little bearing on reality. The failure of economics to account properly for the role of energy (there are those who have: R.U. Ayres and Charles A.S. Hall among them), combined with the misattribution of fossil energy costs, is particularly pronounced and makes a mockery of virtually all present pricing models. These all fall within the domain of micro. Problems within energy, healthcare, housing, education, and manufacturing sectors are all concerned with microeconomic factors. Philip Mirowski's More Heat than Light and numerous of Ha-Joon Chang's works address microeconomic conundrums. https://www.worldcat.org/title/more-heat-than-light-economics-as-social-physics-physics-as-natures-economics https://www.worldcat.org/title/more-heat-than-light-economic... https://www.worldcat.org/title/23-things-they-dont-tell-you-about-capitalism/oclc/727151841&referer=brief_results/oclc/865529447&referer=brief_results https://www.worldcat.org/title/23-things-they-dont-tell-you-...