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The only real rule in economics, other than simple accounting identities, is that people will do what they think is best for themselves. But everyone's utility
by HDThoreaun 3y ago
The only real rule in economics, other than simple accounting identities, is that people will do what they think is best for themselves. But everyone's utility curve is different, let alone their perception of their utility curve. It's incredibly difficult to rigorously model.
- Aeolun 3y agoAt sufficiently large scale we should be able to model certain personalities though.
- HDThoreaun 3y agoImo a decent economics simulator is indistinguishable from a full physics simulator. There’s no other way to account for the actions of millions of independent actors with unique incentives. Econ models tend to focus on very specific independent variables and hold everything else constant because there are just too many dimensions to consider in a full model