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Friday, February 14, 2014

Lars P. Syl : How to make economics a realist and relevant science | Real-World Economics Review Blog

 How to make economics a realist and relevant science | Real-World Economics Review Blog



The voice of reason suggests that we:

(1) Stop pretending that we have exact and rigorous answers on everything
(2) Stop the childish and exaggerated belief in mathematics giving answers to important economic questions.
(3) Stop pretending that there are laws in economics.
(4) Stop treating other social sciences as poor relations.
(5) Stop building models and making forecasts of the future
based on totally unreal micro-founded macromodels with intertemporally
optimizing robot-like representative actors equipped with rational
expectations.
 

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