There I am, performing a bit of rotary sanding on top of a piece of the newspaper that I’d considered disposable (the Business pages of the Guardian), when something catches my eye. Namely, a reference to ‘the science weekly Nature’. What’s all this?
It is an article by the Guardian’s Management Editor Simon Caulkin, explaining why ‘self-interest is bad for the economy’. Needless to say, that’s not quite right, and presumably not quite intended. The economy relies on self-interest. What Caulkin is really saying is that self-interest without restraint or regulation is bad for the economy, especially when it generates the kind of absurd salaries that promote reckless short-termism and erosion of trust (not to mention outright arrogant malpractice). Caulkin rightly points out that Adam Smith never condoned any such unfettered selfishness.
But where does Nature feature in this? Caulkin refers to the recent article by Jean-Philippe Bouchaud that points to some of the shortcomings of conventional economic thinking, based as it is on unproven (indeed, fallacious) axioms. In physics, models that don’t fit with reality are thrown out. “Not so in economics”, says Caulkin, “whose central tenets – rational agents, the invisible hand, efficient markets – derive from economic work done in the 1950s and 1960s”. Bouchaud says that these, in hindsight, look “more like propaganda against communism than plausible science” (did anyone hear Hayek’s name whispered just then?).
Now, the last time I said any such thing (with, I hope, a little more circumspection), I was told by several economists (here and here) that this was a caricature of what economists think, and that I was just making it up. Economists know that markets are often not efficient! They know that agents aren’t always rational (in the economic sense)! Get up to date, man! Look at the recent Nobel prizes!
In fact I had wanted, in my FT article above, to mention the curious paradox that several recent Nobels have been for work decidedly outside the neoclassical paradigm, while much of economics labours doggedly within it. But there was no room. In any event, there is some justification in such responses, if the implication (not my intention) is that all economists still think as they did in the 1950s. These days I am happy to be more irenic, not only because that’s the sort of fellow I am but because it seems to me that thoughtful, progressive economists and those who challenge the neoclassical ‘rational agent’ tradition from outside should be natural allies, not foes, in the fight against the use of debased economic ideas in policy making.
But look, economists: do you think all is really so fine when a journalist paid to comment on the economy (and not just some trumped-up physicist-cum-science writer) not only possesses these views about your discipline but regards it as something of an eye-opener when someone points out in a science journal that the economy is not like this at all? Are you still so complacently sure that you are communicating your penetrating insights about economic markets to the world beyond? Are you so sure that your views are common knowledge not just in academia but to the people who actually run the economy? Maybe you are. But Nobel laureates like Joe Stiglitz and Paul Krugman aren’t.
歐美a免費線上看,熊貓貼圖區,ec成人,聊天室080,aaa片免費看短片,dodo豆豆聊天室,一對一電話視訊聊天,自拍圖片集,走光露點,123456免費電影,本土自拍,美女裸體寫真,影片轉檔程式,成人視訊聊天,貼圖俱樂部,辣妹自拍影片,自拍電影免費下載,電話辣妹視訊,情色自拍貼圖,卡通做愛影片下載,日本辣妹自拍全裸,美女裸體模特兒,showlive影音聊天網,日本美女寫真,色情網,台灣自拍貼圖,情色貼圖貼片,百分百成人圖片 ,情色網站,a片網站,ukiss聊天室,卡通成人網,3級女星寫真,080 苗栗人聊天室,成人情色小說,免費成人片觀賞,
傑克論壇,維納斯成人用品,免費漫畫,內衣廣告美女,免費成人影城,a漫,國中女孩寫真自拍照片,ut男同志聊天室,女優,網友自拍,aa片免費看影片,玩美女人短片試看片,草莓論壇,kiss911貼圖片區,免費電影,免費成人,歐美 性感 美女 桌布,視訊交友高雄網,工藤靜香寫真集,金瓶梅免費影片,成人圖片 ,女明星裸體寫真,台灣處女貼圖貼片區,成人小遊戲,布蘭妮貼圖片區,美女視訊聊天,免費情色卡通短片,免費av18禁影片,小高聊天室,小老鼠論壇,免費a長片線上看,真愛love777聊天室,聊天ukiss,情色自拍貼圖,寵物女孩自拍網,免費a片下載,日本情色寫真,美女內衣秀,色情網,
Post a Comment