The idea that economics should be modelled on the concepts of physics has been prevalent for the best part of a century. It’s a deliciously engaging idea, that the steadfast and unbending rules of science should be the template for the queen of the social sciences. The only trouble is that in economics human beings are part of the system and don’t tend to behave as economists would wish them to.
On the other hand the ideas generated by analogies between physics and economics have generated a whole bunch of truly great economic ideas and are the basis of the whole of microeconomics. Although it’s tempting to argue that these ideas don’t truly make sense it’s actually quite hard to make this accusation stick. Economics and physics are connected - only just not quite the way economists like to imagine.
227 days ago - PR Newswire: Banking & Financial Services
DUBLIN, October 10, 2011 /PRNewswire/ -- - Le gestionnaire alternatif d'actifs de premier plan recrute Tim Richards et Alan Kelly pour trouver de nouveaux actifs, gére...
Richard Baldwin, Toshihiro Okubo, 24 May 2012New-paradigm globalisation – driven by lower coordination costs rather than trade costs – is changing the nature of internatio...
SYDNEY, May 24, 2012 /PRNewswire/ -- A remarkable 53 per cent growth in its capital expenditure over 2009-2010 gives an indication of the opportunities afforded by the Au...
My attempt at a double riddle. "I find familiar faces only in unfamiliar places. Who am I? And whom are the faces?" The answer to the first is, I am an academic, to ...
