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Anonymous Sat 22 Aug 21:26:05 2020 No.12036921 View Reply Original Report

Quoted By: >>12036936 >>12037843 >>12038050 >>12038241

>propose a theorem that assumes markets can somehow internalize their externalities
>doesn't work in real life scenarios
>not even a real theorem
>wins nobel prize anyway
Is the prize for economics just a scam?

Anonymous

Anonymous Sat 22 Aug 2020 21:34:09 No.12036936 Report

Quoted By: >>12037430

>>12036921

All economic theories give the opposite result when rates are negative

Anonymous

Anonymous Sun 23 Aug 2020 00:59:03 No.12037430 Report

Quoted By:

>>12036936
no

Anonymous

Anonymous Sun 23 Aug 2020 02:44:08 No.12037843 Report

Quoted By: >>12039039

>>12036921
economics is what theoretical physics would be if experimental physics didn't exist: mathematical wanking with no grounding in reality. As long as you can prove a result that's congruent with the dogma that capitalism is the greatest of all possible economic systems and delivers the maximum possible efficiency it doesn't matter how ridiculous your assumptions are, nor how little your result corresponds to reality.

Anonymous

Anonymous Sun 23 Aug 2020 03:44:00 No.12038050 Report

Quoted By:

>>12036921
of course the econ prize is a scam, it's not even really affiliated with Nobel

Anonymous

Anonymous Sun 23 Aug 2020 03:50:07 No.12038077 Report

Quoted By:

>commies still seething about their failed ideology to this day

Anonymous

Anonymous Sun 23 Aug 2020 04:29:38 No.12038241 Report

Quoted By: >>12038279

>>12036921
Everything you said is not only wrong but the exact opposite of reality:

>Coase, who believed economists should study real markets and not theoretical ones, established the case for the corporation as a means to pay the costs of operating a marketplace.[2] Coase is best known for two articles in particular: "The Nature of the Firm" (1937), which introduces the concept of transaction costs to explain the nature and limits of firms; and "The Problem of Social Cost" (1960), which suggests that well-defined property rights could overcome the problems of externalities (see Coase theorem)

>This 1960 paper, along with his 1937 paper on the nature of the firm (which also emphasizes the role of transaction costs), earned Ronald Coase the 1991 Nobel Memorial Prize in Economic Sciences. In this 1960 paper, Coase argued that real-world transaction costs are rarely low enough to allow for efficient bargaining and hence the theorem is almost always inapplicable to economic reality.

Anonymous

Anonymous Sun 23 Aug 2020 04:49:26 No.12038279 Report

Quoted By: >>12039034

>>12038241
>Everything you said is not only wrong but the exact opposite of reality
>quotes wikipedia proving OP right

Anonymous

Anonymous Sun 23 Aug 2020 11:24:54 No.12039034 Report

Quoted By: >>12039232

>>12038279
He won the Nobel Prize for showing it doesn't work in real life.

Anonymous

Anonymous Sun 23 Aug 2020 11:28:20 No.12039039 Report

Quoted By:

>>12037843
Newton’s laws and the hamiltonian and lagrangian formalisms are entirely theoretical and mathematical constructs they weren’t products of inductive reasoning at all.

Anonymous

Anonymous Sun 23 Aug 2020 13:05:24 No.12039232 Report

Quoted By:

>>12039034
it doesn't need to work in real life. if the models break down on collision with reality then they just print trillions of dollars and shovel them into certain areas and then the models work again. brrrrrrrrrrrrrr

Anonymous

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Anonymous Sun 23 Aug 2020 20:40:36 No.12040612 Report

Quoted By:

The Economics "Nobel" is not a real Nobel, it was invented by bankers as a prize for useful idiots that defend the current economic order

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