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description= 15 posts published by Lars Syll during November 2023;
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t far from it the real damage done is that policymakers who take decisions based on nrh models systematically implement austerity measures and kill off economic expansion the unnecessary and costly unemployment that this self inflicted and flawed illusion eventuates is something new classical and new keynesian advocates should always be kept accountable for if the nrh and rational expectations are both true simultaneously a plot of decade averages of inflation against unemployment should reveal a vertical line at the natural rate of unemployment this prediction fails dramatically there is no tendency for the points to lie around a vertical line and if anything the long run phillips is upward sloping and closer to being horizontal than vertical since it is unlikely that expectations are systematically biased over decades i conclude that the nrh is false roger farmer share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky new keynesianism more useless than ever 19 nov 2023 at 16 16 posted in economics 4 comments macroeconomic models may be an informative tool for research but if practitioners of new keynesian macroeconomics do not investigate and make an effort to provide a justification for the credibility of the assumptions on which they erect their building it will not fulfil its tasks there is a gap between its aspirations and its accomplishments and without more supportive evidence to substantiate its claims critics will continue to consider its ultimate argument as a mixture of rather unhelpful metaphors and metaphysics maintaining that economics is a science in the true knowledge business yours truly remains a sceptic of the pretences and aspirations of new keynesian macroeconomics so far i cannot really see that it has yielded very much in terms of realistic and relevant economic knowledge keynes basically argued that it was inadmissible to project history on the future consequently an economic policy cannot presuppose that what has worked before will continue to do so in the future that macroeconomic models could get hold of correlations between different variables was not enough if they could not get at the causal structure that generated the data they were not really identified dynamic stochastic general equilibrium dsge macroeconomists including new keynesians have drawn the conclusion that the problem with unstable relations is to construct models with clear microfoundations where forward looking optimizing individuals and robust deep behavioural parameters are seen to be stable even to changes in economic policies as yours truly has argued in a couple of posts e g here and here this however is a dead end here we are getting close to the heart of darkness in new keynesian macroeconomics where new keynesian economists think that they can rigorously deduce the aggregate effects of representative actors with their reductionist microfoundational methodology they have to turn a blind eye to the emergent properties that characterize all open social systems including the economic system the interaction between animal spirits trust confidence institutions etc cannot be deduced or reduced to a question answerable on the individual level macroeconomic structures and phenomena have to be analyzed also on their own terms and although one may easily agree with e g paul krugman s emphasis on simple models the simplifications used may have to be simplifications adequate for macroeconomics and not those adequate for microeconomics in microeconomics we know that aggregation really presupposes homothetic and identical preferences something that almost never exists in real economies the results given by these assumptions are therefore not robust and do not capture the underlying mechanisms at work in any real economy models that are critically based on particular and odd assumptions and are neither robust nor congruent to real world economies are of questionable value even if economies naturally presuppose individuals it does not follow that we can infer or explain macroeconomic phenomena solely from the knowledge of these individuals macroeconomics is to a large extent emergent and cannot be reduced to a simple summation of micro phenomena moreover even these microfoundations aren t immutable the deep parameters of new keynesian dsge models tastes and technology are not really the bedrock of constancy that they believe pretend them to be new keynesian macroeconomists have for years been arguing about the importance of the new classical counter revolution in economics helping to change the way macroeconomics is done today with rational expectations euler equations intertemporal optimization and microfoundations their main critique of new classical macroeconomics is that it didn t incorporate price stickiness into the real business cycles models developed by the new classicals so the new keynesians adopted the methodology suggested by the new classicals and just added price stickiness but does putting a sticky price dsge lipstick on the rbc pig really help it sure doesn t a pig with lipstick is still a pig so i cannot concur with paul krugman mike woodford greg mankiw and other sorta kinda new keynesians when they more or less try to reduce keynesian economics to intertemporal maximization modified with sticky prices share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky causal traps of statistics 19 nov 2023 at 14 47 posted in statistics econometrics comments off on causal traps of statistics statistical reasoning certainly seems paradoxical to most people take for example simpson s paradox from a theoretical perspective it importantly shows that causality can never be reduced to a question of statistics or probabilities unless you are miraculously able to keep constant all other factors that influence the probability of the outcome studied to understand causality we always have to relate it to a specific causal structure statistical correlations are never enough no structure no causality simpson s paradox is an interesting paradox in itself but it can also highlight a deficiency in the traditional statistical econometric approach toward causality say you have 1000 observations on men and an equal amount of observations on women applying for admission to university studies and that 70 of men are admitted but only 30 of women running a logistic regression to find out the odds ratios and probabilities for men and women on admission females seem to be in a less favourable position discriminated against compared to males male odds are 2 33 female odds are 0 43 giving an odds ratio of 5 44 but once we find out that males and females apply to different departments we may well get a simpson s paradox result where males turn out to be discriminated against say 800 males apply for economics studies 680 admitted and 200 for physics studies 20 admitted and 100 female apply for economics studies 90 admitted and 900 for physics studies 210 admitted giving odds of 0 62 and 0 37 statistical patterns should never be seen as anything else than possible clues to follow behind observable data there are real structures and mechanisms operating things that are if we really want to understand explain and possibly predict things in the real world more important to get hold of than to simply correlate and regress observable variables statistics cannot establish the truth value of a fact never has never will lars p syll share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky here with me 17 nov 2023 at 16 04 posted in varia comments off on here with me share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky bad faith economics 15 nov 2023 at 17 48 posted in theory of science methodology 1 comment itzhak gilboa andrew postlewaite larry samuelson and david schmeidler 2022 describe a practice that is not uncommon among theorists o ne may suggest a model with a descriptive interpretation in mind but when facing an aggressive audience one might take a step back and rather than promoting the model as an explanation of a real life phenomenon present it as a proof of concept or merely an exercise in testing the scope of the standard paradigm p 7 think what is going on here a theorist has created a model which he customarily presents as a proposed explanation of some empirical phenomenon but now he is facing an audience that has sufficient knowledge of the evidence about this phenomenon or of other related phenomena within the explanatory scope of the model to raise pertinent questions about the plausibility of that explanation the theorist s response is to make a temporary change in the way he promotes his model before reverting to the original one when facing less knowledgeable or less critical audiences this surely amounts to acting in bad faith suppose an experiment has been run and the opponent s hypothesis has been rejected suppose the opponent then says i m not at all surprised about your findings when i proposed that mechanism as an explanation of your original observations i knew it was implausible my model was merely a theoretical exercise to show that your original observations were logically consistent with the standard theory now i ll try to find an implausible explanation of your new results and you can test that this is not good science if all that can be claimed for a model is that it is a theoretical exercise empirical scientists should not be expected to treat its results as hypotheses that deserve to be tested robert sugden being able to model a disciplined credible world a world that somehow could be considered real or similar to the real world is not the same as investigating the real world even though all theories are false since they simplify they may still possibly serve our pursuit of truth but then they cannot be unrealistic or false in any way the falsehood or unrealisticness has to be qualified in terms of resemblance relevance etc at the very least the minimalist demand on models in terms of credibility has to give way to a stronger epistemic demand of appropriate similarity and plausibility one could of course also ask for a sensitivity or robustness analysis but the credible world even after having tested it for sensitivity and robustness can still be a far way from reality and unfortunately often in ways we know are important the robustness of claims in a model does not per se give a warrant for exporting the claims to real world target systems even if epistemology is important and interesting in itself it ought never to be anything but secondary in science the primary questions asked have to be ontological first after having asked questions about ontology can we start thinking about what and how we can know anything about the world if we do that i think it is more or less necessary also to be more critical of the reasoning by modelling that has come to be considered the only and right way to reason in mainstream economics for more than half a century now if we can t warrant that the premises assumptions on which our model conclusions are built are true then what s the value of the logically correct deductions we are supposed to make with our models from false assumptions anything logically follows most mainstream economists subscribe although not often consciously or explicitly to a deductive nomological view on scientific explanation and prediction an explanation of an event being nothing but a prediction of its occurrence in which prediction and explanation are things to deduce from law like hypotheses and a set of antecedent initial conditions but and on this both hempel and popper were very explicit to count as adequate sound the explanans must be true explanation and prediction in the models we construct and use is not only a question of logical form models that intend to say something about the real world can t escape dealing with truth model reasoning as an object to enquire into activities is not from a scientific point of view on a par with the much more important question if these models really have export certificates to the real world or not just presenting logical possibilities in analytical modelling exercises has little or no scientific value at all yours truly has for many years been urging economists to pay attention to the ontological foundations of their assumptions and models sad to say economists have not paid much attention and so modern economics has become increasingly irrelevant to the understanding of the real world i have spent a considerable part of my life building economic models and examining the models that other economists have built i believe that i am making reasonably good use of my talents in an attempt to understand the social world i have no fellow feeling with those economic theorists who off the record at seminars and conferences admit that they are only playing a game with other theorists if their models are not intended seriously i want to say and do say when i feel sufficiently combative why do they expect me to spend my time listening to their expositions count me out of the game robert sugden share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky a winter s tale 14 nov 2023 at 19 00 posted in varia comments off on a winter s tale absolutely fabulous share on facebook opens in new window facebook share on x opens in new window x share on bluesky opens in new window bluesky next page recent posts arbetslöshetssiffran som styr den ekonomiska politiken 50 år efter studenten personal finding the late student stuff love s secret stein s paradox a lesson on precision and unbiasedness audioholic summer research ett välförtjänt 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