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"... There's no conspiracy, they just don't read or teach anything more mathematically advanced than IS-LM ..." I aked Steve about this exact problem, [0] the
by bootload 15y ago
"... There's no conspiracy, they just don't read or teach anything more mathematically advanced than IS-LM ..."
I aked Steve about this exact problem, [0] the mismatch of decision making using at best questionable economic modelling and the reply was along the lines you suggest. It starts right at University level theory where nobody questions the accepted orthodox theory. What I don't understand is why more mathematicians don't call mainstream economists bluff?
[0] "Why I went" http://www.flickr.com/photos/bootload/5518902314/in/set-72157623796441755 http://www.flickr.com/photos/bootload/5518902314/in/set-7215...
[1] http://www.flickr.com/photos/bootload/collections/72157623796440209/ http://www.flickr.com/photos/bootload/collections/7215762379...
- wisty 15y agoAs I've said on another thread: It's basic agency theory - the economists who can't handle complexity take over dumb institutions (like most universities and governments), then insulate themselves against having to learn anything they aren't comfortable with. I guess the smarter ones work for Goldman Sachs, or work in university research departments, writing obscure papers that are never going to be compulsory reading because undergrad economics courses don't require hard-core math.