tag:blogger.com,1999:blog-6837159629100463303.post6594362087389958458..comments2023-06-18T01:25:08.748-07:00Comments on Information Transfer Economics: Qualitative economics done right, part 2aJason Smithhttp://www.blogger.com/profile/12680061127040420047noreply@blogger.comBlogger8125tag:blogger.com,1999:blog-6837159629100463303.post-49353795521351131582017-02-15T08:47:04.441-08:002017-02-15T08:47:04.441-08:00Did not say that.
Said it has not been proven to ...Did not say that.<br /><br />Said it has not been proven to matter and in fact said several times that it may end up mattering but we don't know.<br /><br />No. Not rejecting phi-4 theory; it is toy model to explain wildly successful principles of QED.<br /><br />Keen's model is not pedagogical/toy version of any wildly successful macro theory (because there aren't any!)Jason Smithhttps://www.blogger.com/profile/12680061127040420047noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-84940951596235354952017-02-15T08:41:05.764-08:002017-02-15T08:41:05.764-08:00Keen does not think it is a toy model in the paper...Keen does not think it is a toy model in the paper I deal with at the Part 2 link above. He says it's the beginnings of the correct theory.<br /><br />But even if it were the case, the toy model is coming before the correct macro theory. The correlations in credit/house prices may be useful finance model, but the link to GDP, unemployment, etc has not been made empirically.<br /><br />As such Keen's model should still have to qualitatively look like the data. It does not.Jason Smithhttps://www.blogger.com/profile/12680061127040420047noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-11037363846164778452017-02-15T08:35:45.051-08:002017-02-15T08:35:45.051-08:00Also: used string theory to calculate black hole e...Also: used string theory to calculate black hole entropy.<br /><br />There are only indirect tests because string scale well above what we can reach.<br /><br />If economists wanted to build esoteric mathematical models about things that we could not collect data about, that would be fine. But we can see things like inflation and interest rates.Jason Smithhttps://www.blogger.com/profile/12680061127040420047noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-54095582748590495942017-02-14T23:11:58.940-08:002017-02-14T23:11:58.940-08:00Already wrote that post.
Here is easy to follow p...Already wrote that post.<br /><br />Here is easy to follow picture form:<br /><br /><a href="http://informationtransfereconomics.blogspot.com/2016/09/macro-is-not-like-string-theory-part.html" rel="nofollow">http://informationtransfereconomics.blogspot.com/2016/09/macro-is-not-like-string-theory-part.html</a>Jason Smithhttps://www.blogger.com/profile/12680061127040420047noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-80151448270101276052017-02-14T23:09:56.763-08:002017-02-14T23:09:56.763-08:00Jason,
Please say where your beloved string theor...Jason,<br /><br />Please say where your beloved string theory fits in to your categories.<br /><br />As far as I understand string theory has not been tested against data (is this correct?) but has been on the books for something like 50 years. Why is it that physicists have written mountains of papers on the subject and had untold conferences at which it was discussed yet it has not been validated empirically?<br /><br />It seems physicists (well at least you) have one rule for physics and another for economics.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-60436089114105109002017-02-14T22:17:24.140-08:002017-02-14T22:17:24.140-08:00That looks kind of like what Steve Keen did.
Fish...That looks kind of like what Steve Keen did.<br /><br />Fisher has theory of debt deflation; Keen looks at the data and shows correlation between credit growth and house prices; Biggs/Meyer/Pick develop theory of Credit Impulse; Keen then refines theory to instead show correlation between credit acceleration and change in prices; builds toy model in his Minsky software.Anonymoushttps://www.blogger.com/profile/13414903323335254023noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-91217943416373412332017-02-14T21:40:54.139-08:002017-02-14T21:40:54.139-08:00Well, in the last post you said private debt doesn...Well, in the last post you said private debt doesn't matter. <br /><br />In your own analogy, it's not whether phi-fourth is just scalar and can't explain spin etc. It's that you are rejecting it for relativistic invariance, principles of quantum mechanics and so on. Ramananhttp://www.concertedaction.comnoreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-32542390089147860602017-02-14T21:14:52.831-08:002017-02-14T21:14:52.831-08:00This comment has been removed by a blog administrator.Anonymousnoreply@blogger.com