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FINANCIAL CHRONICLE™ » ECONOMIC CHRONICLE™ » Five Reasons You Should Blame The Economics Discipline For Today's Problems

Five Reasons You Should Blame The Economics Discipline For Today's Problems

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target1


Manager - Equity Analytics
Manager - Equity Analytics

source: https://www.forbes.com/sites/johntharvey/2016/10/31/five-reasons-you-should-blame-economics/?sh=2507a9b6cccd
This ended up being a pretty long piece so, for the "tl;dr" people, here is a quick summary:
We are experiencing deep economic problems and it is the fault of the economics discipline. Their macro theories suck. But, there is no mechanism forcing it to alter its models when they don’t appear to work. This is so because economists basically write for each other in a language only they understand and their jobs depend on impressing a limited number of journal editors and referees, not correcting real-world problems. The academic inbreeding that has resulted has led to dysfunctional theories and, despite the fact that there were economists who accurately forecast the Financial Crisis, because their work is incompatible with what is published in “good” journals it has been all but ignored. Economics is broken and there is no internal incentive to fix it.

The global financial crisis has revealed the need to rethink fundamentally how  systems are regulated. It has also made clear a systemic failure of the economics profession. Over the past three decades, economists have largely developed and come to rely on models that disregard key factors—including heterogeneity of decision rules, revisions of forecasting strategies, and changes in the social context—that drive outcomes in asset and other markets. It is obvious, even to the casual observer that these models fail to account for the actual evolution of the real-world economy. Moreover, the current academic agenda has largely crowded out research on the inherent causes of financial crises. There has also been little exploration of early indicators of system crisis and potential ways to prevent this malady from developing. In fact, if one browses through the academic macroeconomics and finance literature, “systemic crisis” appears like an otherworldly event that is absent from economic models. Most models, by design, offer no immediate handle on how to think about or deal with this recurring phenomenon. In our hour of greatest need, societies around the world are left to grope in the dark without a theory. That, to us, is a systemic failure of the economics profession (Colander, David, Hans Föllmer, Armin Haas, Michael D. Goldberg, Katarina Juselius, Alan Kirman, Thomas Lux, and Birgitte Sloth. "The financial crisis and the systemic failure of academic economics." Univ. of Copenhagen Dept. of Economics Discussion Paper 09-03, 2009 p.2).

reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

I have to disagree with you on this. Economists exist to solve real world problems and may I remind you about the leading manufacturing companies in the world employ their services to link production to"real world" demand. Our government didn't employ the best, and as a result, we are here today.

deli likes this post

deli

deli
Manager - Equity Analytics
Manager - Equity Analytics

Yes, the reality was very clear- the president prepped all the ministries as drama stages. Curtains, light camera ad action! only set to win the elections in 2024 November- yes he was planning to contest for a second term. But all this happened and he had to turn 180o. No chance for experts to express their opinions because he didnn't want his ministers to look like idiots. but..... you know the rest!

reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

WHERE IS PASKARALINGAM? THAT IS THE GENIUS WE NEED RIGHT NOW!!!
the cat is out of the bag
Five Reasons You Should Blame The Economics Discipline For Today's Problems Image_10

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