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Tuesday, June 19, 2007

YouNotSneaky!: Principles of (Political) Economics

YouNotSneaky! SUGGESTS a few principles:

12 (faux) principles of (Political) Economics, by YouNotSneaky!: It's true. This side does not get enough attention in mainstream economics these days. And the heterodox mumble. Here's mine, the goofy ones;

...5. All economic models boil down to two (occasionally three) curves on a blackboard that cross. If it’s more than that or if you can't draw it that way, then your model stinks.
6. First Fundamental Theorem of Economics: Where the two curves cross, it’s important.
7. Game theory accidentally teaches us that outcomes are very sensitive to the structure of interaction. ...
9. Anyone who makes exaggerated claims about their pet theories, ideas, or solutions, be they mainstream or heterodox, either doesn’t know what they’re talking about, hasn’t done their homework or is trying to sell you something (it could also be the case that their ego is well over blown, because, perhaps, maybe, I'm just guessin', their father was famous and worked for some famous politician or something). “Our results SUGGEST…” is a good indicator that a person has thought hard about their subject. At least as far as these things go. A thorough method combined with some humility should invite more attention than extraordinary claims of genius. ...

    Posted by on Tuesday, June 19, 2007 at 12:06 AM in Economics, Politics | Permalink  TrackBack (0)  Comments (3)

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