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So it's not a mathematical model as the other economists say, it's just common sense? No rigorous underpinnings? No demonstration of increases in welfare?
by Colman (colman at eurotrib.com) on Tue Jun 13th, 2006 at 02:26:16 AM EST
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All of those things can be done.  I just don't have the energy to do them at the moment.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
by Drew J Jones (myfriends@thisispancakes.com) on Tue Jun 13th, 2006 at 08:51:23 AM EST
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Without relying on the assumptions above?
by Colman (colman at eurotrib.com) on Tue Jun 13th, 2006 at 05:26:05 PM EST
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To be, economics should always be qualitative, not quantitative (i.e. increasing the supply of money usually leads to inflation vs M3 increasing by 10% causes inflation to increase by 1%: one id mostly true, the other is silly even if it can be true occasonally).

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Tue Jun 13th, 2006 at 03:05:39 PM EST
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That's fine so long as that's how it is presented. "Comparative advantage and thus free trade makes everyone better off" is presented as a law of nature, not as a rule of thumb.
by Colman (colman at eurotrib.com) on Tue Jun 13th, 2006 at 05:27:29 PM EST
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That's actually a pretty good description of what economics should be about: rules of thumb rather than laws of nature

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Wed Jun 14th, 2006 at 06:16:36 AM EST
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The underlying assumption here is that "mathematical" implies "quantitative" and excludes "qualitative". The same mistake was made by 19th century mathematicians who felt that only arithmetic was rigorous enough for calculus (the arithmetization of analysis) and geometry (algebraic geometry). This mistake hasn't been corrected yet, even though it's been over 100 years since Poincare invented topology, which is all qualitative. The quantitative determinism of 19th century mechanics also has given way to qualitative dynamical systems theory [again pioneered by Poincare and forgotten for 70 years... a real tragedy].

Topology blows my mind away. Algebraic geometry (especially the kind where you just write down equations and churn) bores me to tears. Most of what passes for advanced mathematical economics is hardly advanced or beautiful math, and certainly not qualitative.

guaranteed to evoke a violent reaction from police is to challenge their right to "define the situation." --- David Graeber citing Marc Cooper

by Migeru (migeru at eurotrib dot com) on Wed Jun 14th, 2006 at 11:35:24 AM EST
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