Introduction to economics notes

The late origin of sociology does not mean that its standing as compared with other social sciences is very weak. Its scope has been clearly demarcated right from the early days.

Introduction to economics notes

If you will forgive me, I will be very simple here. The two points I am making are simple, and do not need to be dressed up in fancy clothing. I want to state the points in a way that they cannot be evaded.

If I am right in my criticism of economics—I pray that I am not —then much of what economists do nowadays is a waste of time. If this is so it is very desirable that we economists do something about it, right now.

I was told recently by a former editor of the American Economic Review that he "basically agrees" with what I am saying here. This will not do. Either you agree with me, and will then of course join me in demanding that economics change right away; or you disagree, in which case it is incumbent upon you as a serious scientist to explain exactly why I am mistaken.

The usual objections to mathematical and statistical reasoning in economics seem to me to be unsound. For example, it is often said that economic data is not "strong enough to bear the weight of elaborate mathematics and statistics. Data on stock-market transactions, for example, are available in unlimited amounts, whereas data on neutron stars or the early days of universe are strictly limited.

Interestingly, it has also been long argued I find explicit statements in the s, and by Gerard Debreu more recently that the weakness of the data is a reason for mathematics, the notion being that economists must therefore rely on axiom and proof.

For the same reason as its opposite, and for some additional reasons, the argument is unsound. One hears sometimes that economic theory is not sufficiently developed to "bear the weight.

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Surely the assumptions of Nash equilibrium can bear all the mathematical weight one wishes to pile onto them. Some say that mathematics is inherently too "abstract. And some say, as Walras characterized the position inthat "human liberty will never allow itself to be cast into equations.

The kind of mathematics used in economics is typically that of the Department of Mathematics, not that of the departments of Physics or of Engineering. It is existence-theorem, qualitative athematics.

It is of no use for science. The kind of statistics used in economics is that of Department of Statistics, which is also a species of "existence theorems.

But this, too, is of no use for science.

Introduction to economics notes

The first, mathematical error has characterized economics since its beginning. It has nothing, really, to do with mathematics, since it can be committed, and was, in entirely verbal economics, such as that of Ricardo. But the coming of Mathematics-Department mathematics, which never asks how large something is, has continued this unhappy tradition.Adobe Acrobat reader for free..

Links are current as of January 25, Many of the recently added listings were suggested by Alexandr Stepanov of the State University Higher School of Economics in thanks. Please respect the rights of these authors . The euro is managed and administered by the Frankfurt-based European Central Bank (ECB) and the Eurosystem (composed of the central banks of the eurozone countries).

As an independent central bank, the ECB has sole authority to set monetary Eurosystem participates in the printing, minting and distribution of notes and coins in all member states, and the operation of the eurozone.

Public economics (or economics of the public sector) is the study of government policy through the lens of economic efficiency and equity..

At its most basic level, public economics provides a framework for thinking about whether or not the government should participate in economic markets and . Labor Markets (Chapter 2) HTML format narrated PowerPoint PowerPoint Slideshow Short-run Labor Demand (Chapter 3) HTML format narrated PowerPoint PowerPoint Slideshow Long-run Labor Demand (Chapter 3 cont.) HTML format narrated PowerPoint PowerPoint Slideshow .

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Deirdre McCloskey: The Trouble with Mathematics and Statistics in Economics