Anatole Kaletsky indicts the modern economist profession for the current crisis in the Prospect: Was Adam Smith an economist? Was Keynes, Ricardo or Schumpeter? By the standards of today’s academic economists, the answer is no. Smith, Ricardo and Keynes produced no mathematical models. Their work lacked the “analytical rigour” and precise deductive logic demanded by … Continue reading ‘Goodbye, homo economicus’: Apparently economics is thin-skinned
math
Failing arithmetic
The furor over AIG bonuses, while justified and right, is further evidence that the US media, public, and politicians have failed their math and arithmetic. The REAL story should be the $140 Billion in AIG bailout money paid to counterparties like Goldman Sachs and Deutsche Bank. Instead we get the outrage over 0.1% of that … Continue reading Failing arithmetic
