Tuesday, February 11, 2014

On Washing a Lot of Sludge


A correspondent ends a short message with the following statement after reading senior historians of economics debating about economic theories on an academic website I frequent, mainly as an observer:

“So whether it is because, as Prof. [???], noted economists often had their maths muddied or that economics itself vainly tries to reduce infinite patterns of sujective human behavior to objective rules, debate isn't really surprising.  And yes indeed the nuggets come from washing a lot of sludge.’
Comment
How true!
Trying "to reduce infinite patterns of sujective human behavior to objective rules" is so accurate an observation, I shall use it in our debates on the current state of economics theory, especially on "rational" Homo economicus and rational expectations, and maximisation.




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