The Scientific Method and social equilibria

So much to think about here, and part of a much larger conversation. The characterization of social equilibria, and mistaken beliefs about the wider-occurring equilibria, are appealing.

The freshwater sympathizers agreed, for example, that Lucas and Moll strategically refrained from verbal disclosures about some of the properties of the underlying mathematical formalism. Where we disagreed was whether this was a sign of behavior by the authors that is wrong. In effect, their response was caveat emptor; this is what all economists do.

Freshwater Feedback Part 1: “Everybody does it” (Paul Romer)

Leave a Reply

Your email address will not be published. Required fields are marked *