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I stand by my statement. I’d love an estimate from you (or anyone) about the marginal effect on the profession’s “legitimacy” (which is what? and how’s it mea

I stand by my statement. I’d love an estimate from you (or anyone) about the marginal effect on the profession’s “legitimacy” (which is what? and how’s it measured?) from having the prize include Nobel’s name vs. not including it. Really we don’t care.

littlestymaar 1y ago
You care so little you spent time to claim you don't care twice in a row. > I’d love an estimate from you (or anyone) about the marginal effect on the profession’s “legitimacy” (which is what? and how’s it measured?) from having the prize include Nobel’s name vs. not including it. I don't have an estimate for that, but we have an estimate on how much money the Sverige Riskbank bankers were ready to spend in that effort. Maybe it didn't pan out but some people definitely had a multimillion dollar interest in making that happen. As an economist you must wonder what their incentives could have been …
- hn_throwaway_99 1y ago
  > You care so little you spent time to claim you don't care twice in a row. I've seen this style of argument before and I think it's a non sequitur and total BS. The fact that he may care about feeling his opinion is being misrepresented is totally different from what his original "we don't care" statement referred to.
  - baxtr 1y ago
    Are you sure though? I don’t have an opinion on this specific case, but I have been in situations where someone claims to have no interest at all in a topic and then doesn’t stop talking about it.
  - 331c8c71 1y ago
    Imo the economics profession very much suffers from inferiority complex known as "physics envy".
    - JumpCrisscross 1y ago
      > economics profession very much suffers from inferiority complex known as "physics envy" You’re mixing up quantitative finance and economics.
      - 331c8c71 1y ago
        Excuse me? Quant finance doesn't claim to be devising grand theories about how the world operates (is more akin to engineering). And when it does, any delineation from economics is moot.
        JumpCrisscross 1y ago
        > Quant finance doesn't claim to be devising grand theories about how the world operates What do you base this on?
        331c8c71 1y ago
        What's quintessential quant finance? Black-Scholes and no-arbitrage pricing. Don't you agree it's much more of a tool than a theory of how the world works.
        JumpCrisscross 1y ago
        > What's quintessential quant finance? Black-Scholes and no-arbitrage pricing This is a bad model to pick to exemplify physics envy given it’s based on thermodynamic dispersion. The term “physics envy” broadly applies to all social sciences lacking a mathematical basis. It’s a criticism of using math where it doesn’t belong. That hasn’t really fit (until very recently) with economics. It’s been a classic complaint about quantitative finance’s loftier visions of universality.
        littlestymaar 1y ago
        > This is a bad model to pick to exemplify physics envy given it’s based on thermodynamic dispersion. Using a model derived from physics is not having physics envy. > The term “physics envy” broadly applies to all social sciences lacking a mathematical basis No, physics envy is about thinking you can have the same prediction power as physics using simple mathematical tools just because some branch of physics do (while not understanding physics at the same time, because all of physics definitely doesn't work like that). > It’s a criticism of using math where it doesn’t belong. That hasn’t really fit (until very recently) with economics Well, if you consider Ricardo to be recent, maybe…
nibles_and_bits 1y ago
Really we don’t care. My point was speak for yourself, the history does not suggest you are correct. Evidence economists do care[1][2][3]. Economics was still a relatively newer niche discipline[4]. [1] https://developingeconomics.org/2024/10/22/the-nobel-illusion-why-the-nobel-prize-in-economics-needs-to-be-abolished/ https://developingeconomics.org/2024/10/22/the-nobel-illusio... [2] https://ideas.repec.org/b/pup/pbooks/10841.html https://ideas.repec.org/b/pup/pbooks/10841.html [3] https://www.theatlantic.com/ideas/archive/2024/10/nobel-prize-brand-history/680235/ https://www.theatlantic.com/ideas/archive/2024/10/nobel-priz... [4] https://cooperative-individualism.org/parrish-john_rise-of-economics-as-an-academic-discipline-1967-jul.pdf https://cooperative-individualism.org/parrish-john_rise-of-e...
HSO 1y ago
I’d love an estimate from you (or anyone) about the marginal effect on the profession’s “care” (which is what? and how’s it measured?) from having the prize include Nobel’s name vs. not including it. Since you stand by your statement so strongly, you should have it already, correct?

littlestymaar 1y ago

You care so little you spent time to claim you don't care twice in a row. > I’d love an estimate from you (or anyone) about the marginal effect on the profession’s “legitimacy” (which is what? and how’s it measured?) from having the prize include Nobel’s name vs. not including it. I don't have an estimate for that, but we have an estimate on how much money the Sverige Riskbank bankers were ready to spend in that effort. Maybe it didn't pan out but some people definitely had a multimillion dollar interest in making that happen. As an economist you must wonder what their incentives could have been …

hn_throwaway_99 1y ago
> You care so little you spent time to claim you don't care twice in a row. I've seen this style of argument before and I think it's a non sequitur and total BS. The fact that he may care about feeling his opinion is being misrepresented is totally different from what his original "we don't care" statement referred to.
- baxtr 1y ago
  Are you sure though? I don’t have an opinion on this specific case, but I have been in situations where someone claims to have no interest at all in a topic and then doesn’t stop talking about it.
- 331c8c71 1y ago
  Imo the economics profession very much suffers from inferiority complex known as "physics envy".
  - JumpCrisscross 1y ago
    > economics profession very much suffers from inferiority complex known as "physics envy" You’re mixing up quantitative finance and economics.
    - 331c8c71 1y ago
      Excuse me? Quant finance doesn't claim to be devising grand theories about how the world operates (is more akin to engineering). And when it does, any delineation from economics is moot.
      - JumpCrisscross 1y ago
        > Quant finance doesn't claim to be devising grand theories about how the world operates What do you base this on?
        331c8c71 1y ago
        What's quintessential quant finance? Black-Scholes and no-arbitrage pricing. Don't you agree it's much more of a tool than a theory of how the world works.
        JumpCrisscross 1y ago
        > What's quintessential quant finance? Black-Scholes and no-arbitrage pricing This is a bad model to pick to exemplify physics envy given it’s based on thermodynamic dispersion. The term “physics envy” broadly applies to all social sciences lacking a mathematical basis. It’s a criticism of using math where it doesn’t belong. That hasn’t really fit (until very recently) with economics. It’s been a classic complaint about quantitative finance’s loftier visions of universality.
        littlestymaar 1y ago
        > This is a bad model to pick to exemplify physics envy given it’s based on thermodynamic dispersion. Using a model derived from physics is not having physics envy. > The term “physics envy” broadly applies to all social sciences lacking a mathematical basis No, physics envy is about thinking you can have the same prediction power as physics using simple mathematical tools just because some branch of physics do (while not understanding physics at the same time, because all of physics definitely doesn't work like that). > It’s a criticism of using math where it doesn’t belong. That hasn’t really fit (until very recently) with economics Well, if you consider Ricardo to be recent, maybe…

nibles_and_bits 1y ago

Really we don’t care. My point was speak for yourself, the history does not suggest you are correct. Evidence economists do care[1][2][3]. Economics was still a relatively newer niche discipline[4]. [1] https://developingeconomics.org/2024/10/22/the-nobel-illusion-why-the-nobel-prize-in-economics-needs-to-be-abolished/ https://developingeconomics.org/2024/10/22/the-nobel-illusio... [2] https://ideas.repec.org/b/pup/pbooks/10841.html https://ideas.repec.org/b/pup/pbooks/10841.html [3] https://www.theatlantic.com/ideas/archive/2024/10/nobel-prize-brand-history/680235/ https://www.theatlantic.com/ideas/archive/2024/10/nobel-priz... [4] https://cooperative-individualism.org/parrish-john_rise-of-economics-as-an-academic-discipline-1967-jul.pdf https://cooperative-individualism.org/parrish-john_rise-of-e...

HSO 1y ago

I’d love an estimate from you (or anyone) about the marginal effect on the profession’s “care” (which is what? and how’s it measured?) from having the prize include Nobel’s name vs. not including it. Since you stand by your statement so strongly, you should have it already, correct?