tag:blogger.com,1999:blog-4900303239154048192.post3290534054586107077..comments2024-03-06T06:34:42.881-05:00Comments on EconoSpeak: Circular Social Cost of Carbon ReferenceUnknownnoreply@blogger.comBlogger2125tag:blogger.com,1999:blog-4900303239154048192.post-45783087468137100262015-01-16T13:04:05.005-05:002015-01-16T13:04:05.005-05:00My point is stated explicitly in paragraph 3. The ...My point is stated explicitly in paragraph 3. The deeply embedded simplification is to pretend the feedback loops aren't there. <br /><br />Yes, real systems have feedback loops.Yes models of real systems have feedback loops. You can't model them as an add-on to a model that assumes they don't exist. You have to start with a DIFFERENT KIND OF MODEL -- such as a predator-prey model in ecology.Sandwichmanhttps://www.blogger.com/profile/11159060882083015637noreply@blogger.comtag:blogger.com,1999:blog-4900303239154048192.post-68954789089823796942015-01-16T11:52:42.431-05:002015-01-16T11:52:42.431-05:00What's your point?
Any system of coupled dif...What's your point? <br /><br />Any system of coupled differential equations, common in economics, will in fact have circular dependences among the quantities in the model. <br /><br />That's also true of many <i>non</i> economic models, such as predator-prey systems in ecology.<br /><br />That these "loops" exist is hardly a failing feature of the model. In fact, few real systems lack them. Anonymousnoreply@blogger.com