Considering Taking Micro And Macro Econ..How Much Math Involved?
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  Considering Taking Micro And Macro Econ..How Much Math Involved?
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Author Topic: Considering Taking Micro And Macro Econ..How Much Math Involved?  (Read 17563 times)
Gustaf
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« Reply #50 on: July 31, 2016, 01:00:53 PM »

That (a lot of) forecasting will be inaccurate is actually a correct prediction of economics. Tongue
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Just Passion Through
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« Reply #51 on: July 31, 2016, 03:32:59 PM »

A little off-topic here, but something ag said that caught my attention...  Do most schools in the United States not require any calculus to graduate?  Where I went to school, they were teaching us that stuff in high school and even middle school (as well as trigonometry - in middle school.  Not fun.).  And that was all basic math education.  People like me who never excelled in math only took the CP classes in high school.  No trig, though.

But, seeing as Connecticut is home to some of the most prestigious universities in the country, I guess I'm not surprised that primary education there is more rigorous than in most other states.
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Foucaulf
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« Reply #52 on: July 31, 2016, 03:37:32 PM »

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Do you mean the many-worlds interpretation of quantum mechanics?

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Look, the reason why I seem frustrated about this argument is that what you're saying is not far off from the usual critique in economics, maybe of most social sciences. It is fair game to criticize a model of human behaviour, formalized or not, by either dispelling its assumptions or show it is empirically falsifiable.

I don't have time to listen to the whole podcast you linked to, but I read one of the articles written by this Dr. Denniss, on the solvency of Australia's social security system:

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Read: “The purpose of the report is to get you worried about rising costs. If the report pointed out that budget revenue was likely to rise faster than budget outlays, people wouldn’t be scared.”

This is a valid critique, and I think accuses the model of the "Ricardian equivalence" assumption too often sneaked into a macro model for tractability. I don't know if it's any good, but it is valid.

Similarly, from the paper you linked to about the Becker-Murphy model of rational addiction:

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Let me make another analogy. Assume someone invented a machine that is used in surgeries and can automate some precise procedures doctors cannot follow perfectly. Then, while the machine is successful in some trials, in others an unknown bug will mess up the procedure and almost kill patients.

The range of common-sense solutions span a regulatory agency not allowing the machine to be used until it is more successful, the company creating the machine getting sued for malpractice, up to banning the machine's production altogether.

If orthodox economics is the machine, what you're arguing isn't analogous to any of those "common-sense solutions." What you're arguing is "this machine should not be for sale, but because medicine is not a science like physics this incident should have us reconsider using leeches."

Methodology is hard. It seems easy at first because there are people who make it sound easy, but nine times out of ten they don't understand it either. If you cannot argue methodology correctly, all you're doing is throwing non sequiturs and crowding out legitimate arguments.

For the record, the cost-benefit/welfare analysis style of thinking, so often mentioned in the articles you linked to, isn't very popular in economics these days: for the past two decades most work has been on causal inference, and that kind of analysis has seeped into the policy world (the World Bank funds a lot of randomized controlled trials, for example). There are serious problems with how slow dissemination can be, and how practitioners are not communicating with academics. Why not focus on this instead of "calculus in economics?"
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Green Line
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« Reply #53 on: August 01, 2016, 10:22:34 PM »

All the poor kid wanted to know was how much math is in Econ and if he should take it or not.  I answered it in the first post... geez!
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muon2
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« Reply #54 on: August 03, 2016, 08:42:06 PM »
« Edited: August 03, 2016, 08:44:10 PM by muon2 »

All the poor kid wanted to know was how much math is in Econ and if he should take it or not.  I answered it in the first post... geez!

... and (un)fortunately I was traveling while most of this exchange was happening. As a particle physicist with a degree in mathematics and many published statistical analyses, who also works extensively with governmental economics and accounting, I probably could not have resisted jumping in. Comparisons of economics to physics and string theory are nigh irresistible. I suppose if anyone wants my opinion on any of that they can ask.
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Devout Centrist
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« Reply #55 on: August 04, 2016, 11:55:08 AM »

I'm a lowly first year undergrad, but I took an advanced placement Economics course my senior year. There was almost no math at all, so I suspect it will be similar in your experience.

Can't wait to get my BS in Economics.
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ag
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« Reply #56 on: August 04, 2016, 07:50:59 PM »

All the poor kid wanted to know was how much math is in Econ and if he should take it or not.  I answered it in the first post... geez!

... and (un)fortunately I was traveling while most of this exchange was happening. As a particle physicist with a degree in mathematics and many published statistical analyses, who also works extensively with governmental economics and accounting, I probably could not have resisted jumping in. Comparisons of economics to physics and string theory are nigh irresistible. I suppose if anyone wants my opinion on any of that they can ask.

You are welcome Smiley
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Senator-elect Spark
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« Reply #57 on: August 13, 2016, 11:19:39 PM »

I just decided to take Intro to Economics this upcoming semester and it seems interesting. Probably only college algebra will be involved, because I'm not taking Calculus until the spring now.
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Blue3
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« Reply #58 on: August 14, 2016, 03:02:23 PM »

I just decided to take Intro to Economics this upcoming semester and it seems interesting. Probably only college algebra will be involved, because I'm not taking Calculus until the spring now.
I doubt even high-school algebra will be need for an intro to economics course.
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