Economics is Not Science
It is more akin to alchemy and witchcraft, lacking in scientific rigour.
Folksonomies: science scientific method
Memes
27 DEC 2013
Why Economists Will Continue to be Wrong
Carter had initially used arbitrary parameters in his perfect model to generate perfect data, but now, in order to assess his model in a realistic way, he threw those parameters out and used standard calibration techniques to match his perfect model to his perfect data. It was supposed to be a formality--he assumed, reasonably, that the process would simply produce the same parameters that had been used to produce the data in the first place. But it didn't. It turned out that there were many ...
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They make models based on past data, and when they fail to predict the future, they adjust them to match the new past data. The problem is that so many models will match the past data, there could be no end to the number of models they throw out.
24 DEC 2013
How Physicians Were Once Like Today's Economists
The moral game of blame attribution is only one subtype of misattribution arbitrage. For example, epidemiologists estimate that it was not until 1905 that you were better off going to a physician. (Ignaz Semelweiss noticed that doctors doubled the mortality rate of mothers at delivery.) The role of the physician predated its rational function for thousands of years, so why were there physicians? Economists, forecasters, and professional portfolio managers typically do no better than chance, y...John Tooby describes a past when you were more likely to die from seeing a physician and likens it to economics and other forecasters who do no better than chance.
08 NOV 2013
Science VS Economics
The spirit and method of Science arc the direct antithesis of magic.
It is science which has produced the "Machine Shop".
It is magic that has produced "Finance".
In the machine shop. Science rules only in so far as machine processes go: there its control stops.
The social control of the Machine Shop lies with the Towosis of Finance.
Thus it is that our Towosis (like those Of Trobriand) control not only the work, the workmen, the work shop — "industrial society" is only the Great Wo...An interesting perspective. Science is the workhorse, economics is the charlatan exploiting it.
08 NOV 2013
Economics Uses Magical Language
A common feature in systems of magic is animism — attributing to inanimate objects the functions of life, assuming things to possess will, purpose, and power.
It is significant (though quite in keeping) that "Economists" and "Financiers" have this characteristic at- titude of mind towards, and employ animistic forms of expression in writing and talking about "Money" and "Capital."
Whether this is due to unconscious belief in magic or is mere metaphor, the result, in either case, is befogg...It's use of animism in describing the economy is suspect, but the same metaphors are used in real science as well.
08 JAN 2011
Economics is Merely Psychology
In Utopia there is no distinct and separate science of economics. Many problems that we should regard as economic come within the scope of Utopian psychology. My Utopians make two divisions of the science of psychology, first, the general psychology of individuals, a sort of mental physiology separated by no definite line from physiology proper, and secondly, the psychology of relationship between individuals. This second is an exhaustive study of the reaction of people upon each other and of...Folksonomies: economics
Folksonomies: economics
...and with as much credibility, attempting to predict a chaotic system and all.
References
27 DEC 2013
Why Economic Models Are Always Wrong
Electronic/World Wide Web>Internet Article: Freedman, David H. (October 26, 2011), Why Economic Models Are Always Wrong, Retrieved on 2013-12-27Source Material [www.scientificamerican.com]
Folksonomies: economics predictions
Folksonomies: economics predictions
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19 DEC 2013
This Will Make You Smarter
Books, Brochures, and Chapters>Book: Brockman , John (2012-02-14), This Will Make You Smarter, HarperCollins, Retrieved on 2013-12-19Source Material [books.google.com]
Folksonomies: science
Folksonomies: science
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08 NOV 2013
Technocracy, First, Second and Third Series Social Univer...
Books, Brochures, and Chapters>Book: Smyth, Admiral William Henry (2010-08), Technocracy, First, Second and Third Series Social Universals, Nabu Press, Retrieved on 2013-11-08Source Material [books.google.com]
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08 JAN 2011
A Modern Utopia
Books, Brochures, and Chapters>Book: Wells, H.G. (2004), A Modern Utopia, Project Gutenberg, New York, NY, Retrieved on 2010-11-01Source Material [www.gutenberg.org]
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