The FluxVille Times: Noahpinion: Economists don't have "physics envy"

Sunday, May 10, 2015

Noahpinion: Economists don't have "physics envy"

Noahpinion: Economists don't have "physics envy": I hear all the time that economists have "physics envy". This doesn't seem even remotely true. I'm not sure whether &quo...

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The HALF-LIFE of FACTS

Our world seems to be in constant FLUX With our knowledge changing all the time, even the most informed people can barely keep up. All this change may seem random and overwhelming, but it turns out there is actually order within the shifting noise. This order is regular and systemic and is one that can be described by science and mathematics. Facts change all the time. Smoking has gone from doctor recommended to deadly. We used to think the Earth was the center of the universe and that brontosaurus was a real dinosaur. In short, what we know about the world is constantly changing.

Complexity Science and Economics

Complexity scientists argued that economists needed to start exploring nonlinear dynamic models, path-dependent models by using the mathematics and tools of complexity science. This meant that standard economists needed to rethink their vision of the economy from a static vision in which everything moved to a single equilibrium, to a complexity vision where the parts are in constant FLUX even as the aggregate is in equilibrium, and new patterns are continually emerging. ~ Complexity and the art of Public Policy

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Sunday, May 10, 2015

Noahpinion: Economists don't have "physics envy"

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