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What is "Natural Science"? A study of a "natural system"? What's a "natural system"? I think what the author means to say, and should have said in one paragrap

by andreyf 17y ago

What is "Natural Science"? A study of a "natural system"? What's a "natural system"? I think what the author means to say, and should have said in one paragraph, is that economics has not yet developed an appropriate language for their models. Economists are still trying to use calculus, which was thought of by physicists do describe physical phenomena, which, when used in economics, is leading to wildly inaccurate models.

DrJokepu 17y ago
According to the Oxford English Dictonary: noun a branch of science which deals with the physical world, e.g. physics, chemistry, geology, biology
- andreyf 17y ago
  deals with the physical world Eek, don't like it. What is "the physical world"? Or rather, what isn't part of "the physical world"? It's just a matter of creating models for phenomena of increasing complexity. Just as biology studies a set of phenomena emergent from enormous amounts of bio-chemical interactions, which are emergent from quantum physics, etc., economics is emergent from the psychology, beliefs, and interactions of people.
Alex3917 17y ago
No, what he's saying is that our economic system isn't natural, it was designed. He's just delineating nature and culture, a la Terence McKenna.
christofd 17y ago
Well put! The basic models of Econ were built on physics envy. They built models on a fairly artificial set of assumptions that use calculus. Poppycock.
- rwolf 17y ago
  Every last one of the economics courses I've taken was smothered in caveats about the underlying assumptions--you could make a drinking game out of it. Fields like behavioral economics address specific criticisms with new theory, making BE even more likely to clearly and consistently note problems with the foundation. I'm okay with econ being a social science (it sure wasn't taught in the Natural Science building at my school!), and I'm okay with being critical of the way its framework extends into my life. I don't understand how anyone can get through the gauntlet of econ warnings with hubris intact.

by andreyf 17y ago

DrJokepu 17y ago

According to the Oxford English Dictonary: noun a branch of science which deals with the physical world, e.g. physics, chemistry, geology, biology

andreyf 17y ago
deals with the physical world Eek, don't like it. What is "the physical world"? Or rather, what isn't part of "the physical world"? It's just a matter of creating models for phenomena of increasing complexity. Just as biology studies a set of phenomena emergent from enormous amounts of bio-chemical interactions, which are emergent from quantum physics, etc., economics is emergent from the psychology, beliefs, and interactions of people.

Alex3917 17y ago

No, what he's saying is that our economic system isn't natural, it was designed. He's just delineating nature and culture, a la Terence McKenna.

christofd 17y ago

Well put! The basic models of Econ were built on physics envy. They built models on a fairly artificial set of assumptions that use calculus. Poppycock.

rwolf 17y ago
Every last one of the economics courses I've taken was smothered in caveats about the underlying assumptions--you could make a drinking game out of it. Fields like behavioral economics address specific criticisms with new theory, making BE even more likely to clearly and consistently note problems with the foundation. I'm okay with econ being a social science (it sure wasn't taught in the Natural Science building at my school!), and I'm okay with being critical of the way its framework extends into my life. I don't understand how anyone can get through the gauntlet of econ warnings with hubris intact.