The Trouble With Economics Profile picture
New economic thinking that puts the behavioral back in economics. We're BIG believers in behavioral/complexity/alternative approaches to understanding economics
May 27, 2020 7 tweets 2 min read
1/ Why is the science of complex systems essential to understanding this pandemic? If there’re interactions, dependencies & feedbacks in systems, then statistics & traditional statistical frameworks don’t work. Superb interview with @yaneerbaryam of @necsi forbes.com/sites/cognitiv… 2/ For decades, we have built models in economics, other social sciences & epidemiology that are largely based on statistical frameworks. These models utilize past data to predict future events. Even the newer AI/ML methods are mostly based on statistical assumptions.
Oct 19, 2018 6 tweets 1 min read
1/ While the book makes a case for a correlation b/w inequality & broader lack of well-being + social breakdown, causality is tricky to establish & it might go both ways. Plus, these symptoms may derive from unevenly distributed benefits of economic growth economist.com/books-and-arts… 2/ "But as inequality rises, differences in status become harder to ignore. There is more to be gained or lost by moving from one rung on the ladder to another." (cont'd)