3 ms·
Pareto efficiency might be more useless than "calculate the physics problem assuming air resistance is negligible"
by oarabbus_ 7y ago
Pareto efficiency might be more useless than "calculate the physics problem assuming air resistance is negligible"
- QuesnayJr 7y agoIt is exactly as useful. Macroeconomics was completely tangled up until people understood that in a perfectly function economy there was be no business cycle, that even a serious shock would only temporarily slow down the economy. So the focus turned to understanding the market imperfections that make temporary dislocations have such long-term effects.
- solveit 7y agoPhysics in idealized situations is incredibly useful, and more importantly, absolutely necessary for understanding non-idealized real situations, so I'm not sure what you're getting at here.