Archive for September 23rd, 2016

Chameleons: The misuse of theoretical models in finance and economics

September 23, 2016

Well Paul Romer’s paper scathing state of macro has been much talked about. Romer even defended the paper.

However, there are others as well who have been questioning state of economics who are not as well known. Here is a 2014 paper by Paul Pfleiderer of Stanford (what is it with Profs named Paul!?) who says we have a new problem. There are certain models which are full of assumptions yet are played at a policy/real world level. These models obviously don’s meet the filter of real world once assumptions are done away with. Still they remain the main ideas.

He calls such models as chameleons:

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Making business research more relevant to business practitioners?

September 23, 2016

In this publish or perish world hitting all streams, research is becoming more and more irrelevant to the real/practitioner world.  I mean other disciplines can still excuse themselves from connecting to real world, but business research has no such choice.

Carmen Nobel of HBSWK looks at this paradox – to publish or to make research relevant:

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New Zealand’s remarkable economic transformation – an unsung story

September 23, 2016

Daniel Mitchell has a post on the small open economy which is hardly in anybody’s focus. Being from Cato, Mitchell obviously makes it a more market less government story:

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