Economist who signed Mamdani's economic plan (free buses, rent freezes, city-owned grocery stores) for NYC compares mainstream economics to Aeroflot. I would have chosen a different metaphor. It's a bit like an MMTer comparing mainstream economics to the Weimar republic.

Same sentiments below ⬇️

Economics is weird and beautiful in ways that often confuse students. Many areas of economics revolve around models of the world in which certain problems shouldn’t exist—so-called irrelevance theorems. These theorems specify conditions A, B, and C under which the world operates

Das ... 👇

What I find frustrating is that this thread is 100% right, and the FT article wildly off mark, but also not all the Nobel contributions that teach market failure, irrationality, and egalitarianism and social justice actually advance scientific understanding of the market process

Tell me you know nothing of the research frontier in economics without telling me.

Niall Ferguson Niall and others. Please do your homework. Do the following. Ask to receive the list of working papers from the NBER; it comes out once or twice a week. And discover, to your surprise, the degree to which researchers explore new ideas, deal with current issues, and how it has

Rafael Voigtel Muito bom mesmo

∯🚀 Martin Schmalz🧘 ∯🚀 Hello, here is your unroll: threadreaderapp.com/thread/1948443… Share this if you think it's interesting. 🤖

Niall Ferguson An uncharacteristically bad take from you. A field should exclude wrong ideas. Chemistry departments need not teach alchemy. Botany and agriculture departments need not teach Lysenkoism. Med schools need not teach miasma theory

100%; a complete strawman attack. Misses basically everything going on in the discipline for the last 20 years.

If economics teaching is outdated by a few decades in a few places, I'm all for updating the curricula. But such observations don't justify claims that modern-day economists ignored psychology, ethics, or frictions leading to inefficiencies.

Another non-economist agrees with the op-ed

Whatever miasma theory is

Congratulations to my many collaborators on horizontal shareholding especially Eric Posner, Fiona Scott Morton, José Azar, Martin Schmalz🧘 and Florian Ederer on the ruling by the Eastern District of Texas fully endorsing the theory of harm: texasattorneygeneral.gov/sites/default/… (esp pages 26-29)