tag:blogger.com,1999:blog-4900303239154048192.post7120609567695536489..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: The Proletarian Shirk EthicUnknownnoreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4900303239154048192.post-85137840533558422622014-05-17T12:55:17.925-04:002014-05-17T12:55:17.925-04:00Baseless but not arbitrary. It is an actual equati...Baseless but not arbitrary. It is an actual equation from a 1981 paper by Stiglitz. The variables are wages and numbers of workers unemployed, etc. Except that terms like "worker" have to be taken with an immense grain of salt. Substitute R subscript rh for N subscript u and W subscript bb for w subscript u and you have the story of little red riding hood and the wolf. Not really but it makes as much sense. The math is tautological and has nothing to do with the actual properties of the real life subjects and objects that the variables purport to represent. Nothing. Zero. Zip. Zilch. Nada. On such microfoundations entire paradigms are erected.Sandwichmanhttps://www.blogger.com/profile/11159060882083015637noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-73965227074337212642014-05-16T14:24:07.640-04:002014-05-16T14:24:07.640-04:00And can we assume that the equation is baseless? ...And can we assume that the equation is baseless? Just another economic model being presented by its author in support of an idea that has no basis in fact. I'm curious to know, what was the general response to the passage you quote and its demonstrative equation?Jackhttps://www.blogger.com/profile/12971442888151627894noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-25693726121703314192014-05-15T17:24:20.251-04:002014-05-15T17:24:20.251-04:00The equation was for illustrative purposes only. ;...The equation was for illustrative purposes only. ;-)Sandwichmanhttps://www.blogger.com/profile/11159060882083015637noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-61079000247551596102014-05-15T16:52:19.529-04:002014-05-15T16:52:19.529-04:00Tom I knew that Economics was increasingly based o...Tom I knew that Economics was increasingly based on abstruse math but I am hoping not to encounter that differential or whatever in my Macro Intro class next FallBruce Webbhttps://www.blogger.com/profile/13222670342780912788noreply@blogger.com