Noah Smith on Mirowski on Noah Smith on Mirowski on……..and related thoughts

Rishabh Kumar providing clarity and correcting Noah Smith on Philip Mirowski on Noah Smith on Philip Mirowski…

Rishabh Kumar's homepage

I just came across Noah Smith’s post on Mirowski’s social physics thesis (this is the second I believe) where Smith tries to address concerns raised by Mirowski on the ‘casual nature’ of the blog-writer’s understanding of physics envy.

To start with, I quote Noah Smith – “…For more specifics on exactly how ideas crossed from physics to econ, and on which of those ideas remain to this day, one should probably check out Mirowski’s book(though I hope it’s written in a different tone than this interview) …”

The last sentence in bold tells me that Noah Smith has not really read Philip Mirowski, till date, and so probably does not really do justice to one of the best historians of economics in the profession today. I suggest Mr Smith, who often brings out important issues about the discipline with great clarity, take the time to read…

View original post 435 more words

The Education of an Economist

WEA Pedagogy Blog

threebooksIn our PhD Economics program at Stanford, we learnt nothing about the history of major economic events of the twentieth century. Instead, we were taught the rather arcane and difficult skill of building models. In order to analyse what would happen in an economy, we learnt that you have to construct an artificial economy, populated by rational robots called homo economicus, who behave according to strict mathematical laws. At no point in our studies were we asked to match what happens in our models with any events in the real world; it was assumed that the two always matched. This process of economic modelling permits us to provide exact mathematical answers to a vast range of questions one might ask about the economy. This is undoubtedly a powerful technique, which has earned economics the name “Queen of the Social Sciences”. Our poor cousins in political science, psychology, sociology, geography, and…

View original post 563 more words

Composition (HUM425)

analepsis

This photo of Joe McCarthy doppleganger Ted Cruz, among a series that were published then withdrawn by AP after complaints by several pundits, demonstrates emphatically that composition, the relationship between elements within the visual field, can signify powerfully. The photo was taken while Cruz, who wants to be your president, spoke at a “Celebrate the 2nd Amendment Shooting Range” in Johnston, Iowa on June 20.

credit: Charlie Niebergall credit: Charlie Niebergall

View original post

Using ‘complexity thinking’ to manage an increasingly complex world – by Paul Cairney, Robert Geyer and Nicola Mathie

ElgarBlog from Edward Elgar Publishing

Airplane_vortex_edit

Complex policy-making systems are ‘greater than the sum of their parts’.  To understand them we must examine not only the individuals involved but also the ways in which they interact with each other, to share information and combine to produce ‘systemic behaviour’.  Professor Paul Cairney,Professor Robert Geyer and Nicola Mathie consider what is involved in using ‘complexity thinking’ to inform policy decisions.

View original post 433 more words

Economics and the value of art

More than a “Veblen good” the recent record auction price for Picasso’s “Les femmes d’Alger (Version ‘O’)” signals that the extraordinarily wealthy have nothing better to do with all of the surplus value that they have captured.

occasional links & commentary

Les-femmes-dAlger-daprès-Delacroix-XV-Paris-14-Fevrier-1955-huile-sur-toile114-x-146-cm-collection-privée-Europe

Neoclassical economists don’t have a lot to say about the value of art. Basically, they start from the proposition that a work of art, such as Picasso’s “Les femmes d’Alger (Version ‘O’),” is often considered to have two different values: an aesthetic or cultural value (its cultural worth or significance) and a price or exchange-value (the amount of money a work of art fetches on the market). They then demonstrate that, within free markets, individual choices ensure that the price of art generally captures or represents all of the various dimensions of value attributable to the work of art, rendering the need for a separate concept of aesthetic or cultural value redundant. Therefore, on their view, Picasso’s painting is “worth” the record auction price of $179.37 million.*

But the Wall Street Journal (gated) observes that yesterday’s sale of other paintings—including Mark Rothko’s “Untitled (Yellow and Blue)”—reveals something else:

Some paintings act like object lessons in tracking the global…

View original post 814 more words