Deirdre McCloskey wrote:
>The kids at Chicago literally do not know how to pronounce "Keynes" (no
>exaggeration). Lucas' practice appears to come out of a theory that
>economics is "like physics" (people who say this commonly have no idea how
>physics actually works, by the way, and are not eager to find out).
Deirdre is quite right about the "physics envy" of many
economists. Actually, Lucas, et al are doing pre-relativistic pre-quantum
theory physics. Modern physics appreciates that conditions of observation
influence observed phenomena in a variety of ways. I.e. Newtonian
mechanics is only applicable within a narrow range of observational
conditions. Likewise, the message of quantum mechanics is that things are
quite different on the scale of atoms than say bricks. What economics
really needs is a post-Newtonian economic outlook.
John Howard Brown