I defy anyone to read Hayek’s The Constitution of Liberty on social security and get out of it the lies and misrepresentation spread yesterday by left wing journalists Yasha Levine of Nation and Kate Zernike of the hyper-partisan New York Times. Zernike, of course, is a repeat offender, having spread howling nonsense about Hayek in . . . → Read More: The Lies Never End — Incompetent Journalism from Yasha Levine & Kate Zernike
A lot of silliness in the last few days from Krugman, Williamson & Rosenberg on the scientific standing of economics and the role of tautological equilibrium constructs in the explanatory strategy of that science.
The simple and outstanding fact of the matter is that this issue has been resolved by Hayek — and the evident . . . → Read More: The Silliness of Krugman, Williamson & Rosenberg on the Scientific Standing of Economics
Watch the video here.
Here is the Washington Post story on Ridley & his Hayek Prize. An condensed adaptation of Ridley’s Hayek Prize lecture was printed in the Wall Street Journal.
Russ Roberts interviews my teach Alex Rosenberg on the nature of economic explanation and the role of math in economic explanation here.
Some notes and thoughts.
Rosenberg’s 1983 paper exploiting the “prediction and control” picture of science was written just as the “Good Till” date on that late 19th & early 20th century “pragmatic empiricist” . . . → Read More: Some Thoughts on Alex Rosenberg & the Nature of Economic Explantion
“I tend not to think about the problem of people forecasting in different ways, as things are hard enough already and I want to focus on other things.”
– Stephen Williamson
This is the damage which Robert Lucas has done to macroeconomics:
Let’s deal with some of Mark’s specific complaints about what he thinks practicing macroeconomists have been up to:
Macroeconomic models have not fared well in recent years – the models didn’t predict the financial crisis…
I’m so sick of hearing that one I could . . . → Read More: The Biggest Crock in All of Economics