Martin Schmalz🧘
@OxfordFrom
Professor of Finance, Economics, and Real Estate University of Oxford @OxfordSBS Own opinions - not those of any employer or affiliated institution.
My new title features an Oxford comma. I have nothing left to achieve. sbs.ox.ac.uk/about-us/peopl…
Economist who signed Mamdani's economic plan (free buses, rent freezes, city-owned grocery stores) for NYC compares mainstream economics to Aeroflot. I would have chosen a different metaphor. It's a bit like an MMTer comparing mainstream economics to the Weimar republic.
How economics teaching became the Aeroflot of ideas on.ft.com/4f1eivg | opinion
Tell me you know nothing of the research frontier in economics without telling me.
"Economics today resembles Catholic theology in medieval Europe: a rigid doctrine guarded by a modern priesthood who claim to possess the sole truth. Dissenters are shunned. ... Neoclassical economics has become the Aeroflot of ideas." Much truth in this.
Whatever miasma theory is
An uncharacteristically bad take from you. A field should exclude wrong ideas. Chemistry departments need not teach alchemy. Botany and agriculture departments need not teach Lysenkoism. Med schools need not teach miasma theory
An uncharacteristically bad take from you. A field should exclude wrong ideas. Chemistry departments need not teach alchemy. Botany and agriculture departments need not teach Lysenkoism. Med schools need not teach miasma theory
Niall and others. Please do your homework. Do the following. Ask to receive the list of working papers from the NBER; it comes out once or twice a week. And discover, to your surprise, the degree to which researchers explore new ideas, deal with current issues, and how it has…
Another non-economist agrees with the op-ed
"Economics today resembles Catholic theology in medieval Europe: a rigid doctrine guarded by a modern priesthood who claim to possess the sole truth. Dissenters are shunned. ... Neoclassical economics has become the Aeroflot of ideas." Much truth in this.
If economics teaching is outdated by a few decades in a few places, I'm all for updating the curricula. But such observations don't justify claims that modern-day economists ignored psychology, ethics, or frictions leading to inefficiencies.
Needless to say, the underlying research paper the article is based on documents what a small number of places in England, Wales, and Scotland teach. That may well be outdated, but doesn't support the broad claims in the oped.
100%; a complete strawman attack. Misses basically everything going on in the discipline for the last 20 years.
🧵 "How economics teaching became the Aeroflot of ideas" -- great title by @hajoonchang. But the content? We supposedly teach "variations of the failed theme of efficient markets", that the system is "fundamentally fair, rational, and efficient" and folks should 1/6 ➡️
What I find frustrating is that this thread is 100% right, and the FT article wildly off mark, but also not all the Nobel contributions that teach market failure, irrationality, and egalitarianism and social justice actually advance scientific understanding of the market process…
🧵 "How economics teaching became the Aeroflot of ideas" -- great title by @hajoonchang. But the content? We supposedly teach "variations of the failed theme of efficient markets", that the system is "fundamentally fair, rational, and efficient" and folks should 1/6 ➡️
Muito bom mesmo
"think like an economist or not think at all". What utter nonsense. The past 30 years of Nobel prizes are all about how markets are NOT efficient, how markets fail, how economic agents aren't rational, and Nobel laureates have evangelized for years that firms 2/6 ➡️
@Thrasymachus5 Hello, here is your unroll: threadreaderapp.com/thread/1948443… Share this if you think it's interesting. 🤖
Same sentiments below ⬇️
🧵 "How economics teaching became the Aeroflot of ideas" -- great title by @hajoonchang. But the content? We supposedly teach "variations of the failed theme of efficient markets", that the system is "fundamentally fair, rational, and efficient" and folks should 1/6 ➡️
Economics is weird and beautiful in ways that often confuse students. Many areas of economics revolve around models of the world in which certain problems shouldn’t exist—so-called irrelevance theorems. These theorems specify conditions A, B, and C under which the world operates…
🧵 "How economics teaching became the Aeroflot of ideas" -- great title by @hajoonchang. But the content? We supposedly teach "variations of the failed theme of efficient markets", that the system is "fundamentally fair, rational, and efficient" and folks should 1/6 ➡️
Das ... 👇
🧵 "How economics teaching became the Aeroflot of ideas" -- great title by @hajoonchang. But the content? We supposedly teach "variations of the failed theme of efficient markets", that the system is "fundamentally fair, rational, and efficient" and folks should 1/6 ➡️