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Mathiness
Mathiness is a term coined by Nobel prize winner economist Paul Romer to label a specific misuse of mathematics in economic analyses. An author committed to the norms of science should use mathematical reasoning to clarify their analyses. By contrast, "mathiness" is not intended to clarify, but instead to mislead. According to Romer, some researchers use unrealistic assumptions and strained interpretations of their results in order to push an ideological agenda, and use a smokescreen of fancy mathematics to disguise their intentions. Introduction of the term The first usage of the term was at the annual meeting of the American Economic Association in January 2015. Afterwards Paul Romer published his article ''Mathiness in the Theory of Economic Growth'' in the ''American Economic Review''. The coinage mathiness follows the pattern of truthiness coined by comedian Stephen Colbert. Romer warns that mathiness is distorting economics: He specifically points to some work by Edward C ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Romer
Paul Michael Romer (born November 6, 1955) is an American economist and policy entrepreneur who is a University Professor in Economics at New York University. Romer is best known as the former Chief Economist of the World Bank and for co-receiving the 2018 Nobel Memorial Prize in Economic Sciences (shared with William Nordhaus) for his work in endogenous growth theory. He also coined the term "mathiness," which he describes as misuse of mathematics in economic research. Before joining NYU, Romer was a professor at the University of Chicago, the University of California, Berkeley, Stanford University's Graduate School of Business, and the University of Rochester. Romer was chief economist and senior vice president of the World Bank until he resigned in January 2018 following a controversy arising from his claim of possible political manipulation of Chile's "ease of doing business" ranking. Romer took leave from his position as professor of economics at NYU when he joined the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stylized Fact
In social sciences, especially economics, a stylized fact is a simplified presentation of an empirical finding. Stylized facts are broad tendencies that aim to summarize the data, offering essential truths while ignoring individual details. A prominent example of a stylized fact is: "Education significantly raises lifetime income." Another stylized fact in economics is: "In advanced economies, real GDP growth fluctuates in a recurrent but irregular fashion". However, scrutiny to detail will often produce counterexamples. In the case given above, holding a PhD may ''lower'' lifetime income, because of the years of lost earnings it implies and because many PhD holders enter academia instead of higher-paid fields. Nonetheless, broadly speaking, people with more education tend to earn more, so the above example is true in the sense of a stylized fact. Origin of the term When describing what is generally regarded as the first econometric macro model ever developed, Jan Tinbergen (1936) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Truthiness
Truthiness is the belief or assertion that a particular statement is true based on the intuition (knowledge), intuition or perceptions of some individual or individuals, without regard to evidence, logic, Intelligence, intellectual examination, or facts. Truthiness can range from ignorant assertions of falsehoods to deliberate duplicity or propaganda intended to sway opinions. The concept of truthiness has emerged as a major subject of discussion surrounding Politics of the United States, U.S. politics during the Information Age, late 20th and early 21st centuries because of the perception among some observers of a rise in propaganda and a growing hostility toward factual reporting and fact-based discussion. American television comedian Stephen Colbert coined the term ''truthiness'' in this meaning as the subject of a segment called "Recurring segments on The Colbert Report#The Wørd, The Wørd" during the pilot episode of his political satire program ''The Colbert Report'' on Oc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Orwell
Eric Arthur Blair (25 June 1903 – 21 January 1950), better known by his pen name George Orwell, was an English novelist, essayist, journalist, and critic. His work is characterised by lucid prose, social criticism, opposition to totalitarianism, and support of democratic socialism. Orwell produced literary criticism, poetry, fiction and polemical journalism. He is known for the allegorical novella ''Animal Farm'' (1945) and the dystopian novel ''Nineteen Eighty-Four'' (1949). His non-fiction works, including ''The Road to Wigan Pier'' (1937), documenting his experience of working-class life in the industrial north of England, and ''Homage to Catalonia'' (1938), an account of his experiences soldiering for the Republican faction of the Spanish Civil War (1936–1939), are as critically respected as his essays on politics, literature, language and culture. Blair was born in India, and raised and educated in England. After school he became an Imperial policeman in Burma, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scientism
Scientism is the opinion that science and the scientific method are the best or only way to render truth about the world and reality. While the term was defined originally to mean "methods and attitudes typical of or attributed to natural scientists", some scholars (and subsequently many others) also adopted it as a pejorative term with the meaning "an exaggerated trust in the efficacy of the methods of natural science applied to all areas of investigation (as in philosophy, the social sciences, and the humanities)". Overview With respect to the philosophy of science, the term ''scientism'' frequently implies a critique of the more extreme expressions of logical positivism and has been used by social scientists such as Friedrich Hayek, philosophers of science such as Karl Popper, and philosophers such as Mary Midgley, the later Hilary Putnam, and Tzvetan Todorov to describe (for example) the dogmatic endorsement of scientific methods and the reduction of all knowledge to only that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New York Times
''The New York Times'' (''the Times'', ''NYT'', or the Gray Lady) is a daily newspaper based in New York City with a worldwide readership reported in 2020 to comprise a declining 840,000 paid print subscribers, and a growing 6 million paid digital subscribers. It also is a producer of popular podcasts such as '' The Daily''. Founded in 1851 by Henry Jarvis Raymond and George Jones, it was initially published by Raymond, Jones & Company. The ''Times'' has won 132 Pulitzer Prizes, the most of any newspaper, and has long been regarded as a national " newspaper of record". For print it is ranked 18th in the world by circulation and 3rd in the U.S. The paper is owned by the New York Times Company, which is publicly traded. It has been governed by the Sulzberger family since 1896, through a dual-class share structure after its shares became publicly traded. A. G. Sulzberger, the paper's publisher and the company's chairman, is the fifth generation of the family to head the pa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Recession
The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At the time, the International Monetary Fund (IMF) concluded that it was the most severe economic and financial meltdown since the Great Depression. One result was a serious disruption of normal international relations. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012. When housing prices fell and homeowners began to abandon their mortgages, the value of mortgage-backed securities held by investment banks declined in 2007–2008, causing several to collapse or be bailed out in September 2008. This 2007–2008 phase was called the subprime mortgage crisis. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Krugman
Paul Robin Krugman ( ; born February 28, 1953) is an American economist, who is Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for ''The New York Times''. In 2008, Krugman was the winner of the Nobel Memorial Prize in Economic Sciences for his contributions to New Trade Theory and New Economic Geography. The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services. Krugman was previously a professor of economics at MIT, and later at Princeton University. He retired from Princeton in June 2015, and holds the title of professor emeritus there. He also holds the title of Centennial Professor at the London School of Economics. Krugman was President of the Eastern Economic Association in 2010, and is among the most influential economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Noble Lie
In politics, a noble lie is a myth or a lie typically of religious nature, knowingly propagated by an elite to maintain social harmony or advance an agenda. The noble lie is a concept originated by Plato as described in '' The Republic''. In religion, a pious fiction is a narrative that is presented as true by the author, but is considered by others to be fictional albeit produced with an altruistic motivation. The term is sometimes used pejoratively to suggest that the author of the narrative was deliberately misleading readers for selfish or deceitful reasons. The term is often used in religious contexts, sometimes referring to passages in religious texts. Plato's ''Republic'' Plato presented the noble lie (γενναῖον ψεῦδος, ''gennaion pseudos'') in the fictional tale known as the myth or parable of the metals in Book III. In it, Socrates provides the origin of the three social classes who compose the republic proposed by Plato. Socrates speaks of a socially st ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perfect Competition
In economics, specifically general equilibrium theory, a perfect market, also known as an atomistic market, is defined by several idealizing conditions, collectively called perfect competition, or atomistic competition. In Economic model, theoretical models where conditions of perfect competition hold, it has been demonstrated that a Market (economics), market will reach an Economic equilibrium, equilibrium in which the quantity supplied for every Goods and services, product or service, including Workforce, labor, equals the quantity demanded at the current price. This equilibrium would be a Pareto optimum. Perfect competition provides both allocative efficiency and productive efficiency: * Such markets are ''allocatively efficient'', as output will always occur where marginal cost is equal to average revenue i.e. price (MC = AR). In perfect competition, any Profit maximization, profit-maximizing producer faces a market price equal to its marginal cost (P = MC). This implies that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monopolistic Competition
Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other, but selling products that are differentiated from one another (e.g. by branding or quality) and hence are not perfect substitutes. In monopolistic competition, a company takes the prices charged by its rivals as given and ignores the impact of its own prices on the prices of other companies. If this happens in the presence of a coercive government, monopolistic competition will fall into government-granted monopoly. Unlike perfect competition, the company maintains spare capacity. Models of monopolistic competition are often used to model industries. Textbook examples of industries with market structures similar to monopolistic competition include restaurants, cereals, clothing, shoes, and service industries in large cities. The "founding father" of the theory of monopolistic competition is Edward Hastings Chamberlin, who wrote a pioneering book on the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Stigler
George Joseph Stigler (; January 17, 1911 – December 1, 1991) was an American economist. He was the 1982 laureate in Nobel Memorial Prize in Economic Sciences and is considered a key leader of the Chicago school of economics. Early life and education Stigler was born in Seattle, Washington, the son of Elsie Elizabeth (Hungler) and Joseph Stigler. He was of German descent and spoke German in his childhood. He graduated from the University of Washington in 1931 with a BA and then spent a year at Northwestern University from which he obtained his MBA in 1932. It was during his studies at Northwestern that Stigler developed an interest in economics and decided on an academic career. Career After he received a tuition scholarship from the University of Chicago, Stigler enrolled there in 1933 to study economics and went on to earn his PhD in economics there in 1938. He taught at Iowa State College from 1936 to 1938. He spent much of World War II at Columbia University, performi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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