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   GhostOnTheHalfShell (ghostonthehalfshell@masto.ai)'s status on Wednesday, 03-Apr-2024 01:39:57 JST GhostOnTheHalfShell

   #SteveKeen #economics

   "A fundamental requirement for realistic economics is to abandon the 19th century (in)convenience of assuming equilibrium, and to instead model the economy as a dynamic (and evolving) system. This raises the question of how to treat time itself, and the appalling pun in the title of this chapter highlights the fact that economic modellers in general, ... have habitually treated time as a discrete rather than a continuous phenomenon."

   https://profstevekeen.substack.com/p/im-not-discreet-and-neither-is-time-bcb

   • HistoPol (#HP) 🥥 🌴 repeated this.
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     GhostOnTheHalfShell (ghostonthehalfshell@masto.ai)'s status on Wednesday, 03-Apr-2024 05:02:32 JST GhostOnTheHalfShell

     in reply to

     @academicchatter

     “Some economists think that the discrete nature of economic data necessitates using discrete time models to reproduce it. The definitive riposte to this argument was given by the "father of system dynamics", the engineer Jay Forrester, when he first encountered—and was seriously dismayed by—economic modelling in the 1950s. He observed that:

     🧵

     HistoPol (#HP) 🥥 🌴 repeated this.
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     GhostOnTheHalfShell (ghostonthehalfshell@masto.ai)'s status on Wednesday, 03-Apr-2024 05:03:00 JST GhostOnTheHalfShell

     in reply to

     @academicchatter

     “Time intervals of model solutions are often too widely spaced for the predictions being attempted. For example, a model solved annually to arrive at new annual values of economic variables would, if anything, be useful in predicting future trends over a five-year period but not year-to-year variations. As a rough rule-of-thumb, one would want solutions spaced closely enough to define a smooth curve through the fluctuations in which we are interested.”

     Forrester 2003, p. 334.

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     HistoPol (#HP) 🥥 🌴 (histopol@mastodon.social)'s status on Wednesday, 03-Apr-2024 05:03:52 JST HistoPol (#HP) 🥥 🌴

     in reply to

     @GhostOnTheHalfShell

     Forrester was brilliant. 😀

     @academicchatter

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     GhostOnTheHalfShell (ghostonthehalfshell@masto.ai)'s status on Wednesday, 03-Apr-2024 05:04:16 JST GhostOnTheHalfShell

     in reply to

     • Gueule d'atmosphère

     @gueuledatmosphere

     Heterodox economists like Steve Keen are fixing the deficit. The largest problem is the ideological stance of mainstream economics.

     I've been posting to #SteveKeen to help spread the word. He's also working to get junk theory finally pushed out of academic economics.

     I'll be posting to the hashtag shortly on that topic.

     Most of academia knows how toxic neoliberal policy has been on higher educations. This is a pathway to rectifying that.

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     Gueule d'atmosphère (gueuledatmosphere@mastodon.green)'s status on Wednesday, 03-Apr-2024 05:04:25 JST Gueule d'atmosphère

     in reply to

     @GhostOnTheHalfShell
     This speaks to me as someone who once worked in weather modelling. Garbage in, garbage out is one thing. But what if your model itself is garbage? With all due respect to economic modellers. I know this ain't a walk in the park.

     HistoPol (#HP) 🥥 🌴 repeated this.