Re: [math-fun] Financial Crisis = Mathematical Malpractise ?
From: Robert Baillie <rjbaillie@frii.com>
However, the axioms of economics, especially free-market economics, are false and are known by economists to be false.
Models can often be very fruitful even when they highly oversimplify things. Point masses and Newtonian physics. So the question is not one of absolute truth or falsity but of things like accuracy, applicability, fruitfulness, respect for limitations vs. exaggerated claims, and so forth. Questions beyond the scope of the current volume. --Steve
granted, but even there, economics falls on its face: unlike physicists, economists cannot predict the future. bob --- Steve Witham wrote:
From: Robert Baillie <rjbaillie@frii.com>
However, the axioms of economics, especially free-market economics, are false and are known by economists to be false.
Models can often be very fruitful even when they highly oversimplify things. Point masses and Newtonian physics. So the question is not one of absolute truth or falsity but of things like accuracy, applicability, fruitfulness, respect for limitations vs. exaggerated claims, and so forth. Questions beyond the scope of the current volume.
--Steve
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participants (2)
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Robert Baillie -
Steve Witham