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Old 10-24-2007
lostinacause lostinacause is offline
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Re: The Tragedy of the Commons

Quote:
Originally Posted by WarOnIgnorance View Post
My already sceptic view of economics just plummeted even further. So it's not even necessary that the assumptions are valid ? The economists are thus really doing nothing more than tweaking simple polynomial functions until they fit the data? And when then the tweaked function diverges again from reality, here comes the meta-tweaked function, and when that one becomes obsolete, here comes the meta-meta-function. I've called it 'adding epicycles' before and this confirms my view.
An assumption by its very nature is invalid. In a simplification of the problem something is lost. If people act close enough to being rational in a certain situation then the assumption of rationality may be appropriate when modeling the situation. If someone is addressing information regulation then assumptions about rationality have to be altered. By the same token a macroeconomic model may be approached by assuming that people have infinite lives because they don’t all die at once and they care about the welfare of the children. When examining something pertaining to social security this assumption is absolutely ridiculous.

Perhaps it may be advisable to learn something about the discipline you are criticizing before you make baseless claims. Even applied economists don't do things in a way that resembles what you talked about and they are in a naive sense the "curve fitters" among economists. Your name implies you place some value on some higher form of awareness. Perhaps it may be beneficial to realize that most disciplines have been challenged by people who are at least equal in intellect to you and who have far more knowledgeable in the subject.

Quote:
Until the economists start using a solid framework, and with mathematical tools that fit the complexity of the subject, i.c. non linear equations -required by the feedback properties of the human system- there is not a shred of a chance that the meta(n) function will ever be the final one. The meta(n) function will simply perfectly describe yesterday's data but will have no predictive power for tomorrow's data.
You mean things like using a general functional form and dynamic programming?

Quote:
Luckily, some seem to begin to realize this. I've plugged them before and here goes again:
Santa Fe Institute
and specifically:
SFI | Research | Publications | Working Papers
There is really nothing special about the articles about economic theory. Articles of this complexity commonly grace theory journals.
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