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|timestamp=10:17 PM · Nov 6, 2021 | |timestamp=10:17 PM · Nov 6, 2021 | ||
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|image=Eric profile picture.jpg | |||
|nameurl=https://x.com/EricRWeinstein/status/1457572729419354115 | |||
|name=Eric Weinstein | |||
|usernameurl=https://x.com/EricRWeinstein | |||
|username=EricRWeinstein | |||
|content=And we are not even trying to measure that. To this day, I can't *really* understand what CPI-U is. That is either because I'm too dumb, or the field has gone mad agreeing with itself while disconnected from reality. And I believe no one is that dumb. Even on a really bad day... | |||
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|nameurl=https://x.com/EricRWeinstein/status/1457572718887555072 | |||
|name=Eric Weinstein | |||
|usernameurl=https://x.com/EricRWeinstein | |||
|username=EricRWeinstein | |||
|content=You mean field. Economics is actually all about fields: field operators & field theory. | |||
Technically, inflation is classically like a Wilson Loop observable on path spaces. But economists have historically denigrated path-dependent approaches (e.g. 'cycling problems', 'drift').🤷 | |||
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|nameurl=https://x.com/saylor/status/1457332967869665284 | |||
|name=Michael Saylor | |||
|usernameurl=https://x.com/saylor | |||
|username=saylor | |||
|content=There is a different inflation rate for every consumer, varying all the time, depending on their consumption requirements and jurisdiction. Inflation is a vector, not a scalar. Just like fluid dynamics & aerodynamics, it is impossible to model an economy with simple arithmetic. | |||
|timestamp=1:03 PM · Nov 8, 2021 | |||
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|timestamp=4:56 AM · Nov 8, 2021 | |||
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|image=Eric profile picture.jpg | |||
|nameurl=https://x.com/EricRWeinstein/status/1457572721081163778 | |||
|name=Eric Weinstein | |||
|usernameurl=https://x.com/EricRWeinstein | |||
|username=EricRWeinstein | |||
|content=You have no idea how crazy econ got to make us all the same so that what we're saying can be ignored. Seriously, think about asserting that all folks have the same tastes & that they can never change so that economists can use 'Stable preferences...relentlessly & unflinchingly'. | |||
|timestamp=4:56 AM · Nov 8, 2021 | |||
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|image=Eric profile picture.jpg | |||
|nameurl=https://x.com/EricRWeinstein/status/1457572722482028550 | |||
|name=Eric Weinstein | |||
|usernameurl=https://x.com/EricRWeinstein | |||
|username=EricRWeinstein | |||
|content=You will see in the inflation literature various bizarre tendencies to introduce 'homogenous' or 'homothetic' utility functions and to hold these functions fixed. Ultimately it fell to 2 giants to claim that taste is universal. That way, rich/poor, you/me all have common utility. | |||
|timestamp=4:56 AM · Nov 8, 2021 | |||
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|image=Eric profile picture.jpg | |||
|nameurl=https://x.com/EricRWeinstein/status/1457572723757027329 | |||
|name=Eric Weinstein | |||
|usernameurl=https://x.com/EricRWeinstein | |||
|username=EricRWeinstein | |||
|content=“The combined assumptions of maximizing behavior, market equilibrium, and stable preferences, used relentlessly and unflinchingly, form the heart of the economic approach...” -Gary Becker | |||
Followed by inexplicable & inscrutable 'work' of Becker & Stigler: | |||
https://sciencedirect.com/science/article/abs/pii/016726818990067X | |||
|timestamp=4:56 AM · Nov 8, 2021 | |||
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|image=Eric profile picture.jpg | |||
|nameurl=https://x.com/EricRWeinstein/status/1457572725145411588 | |||
|name=Eric Weinstein | |||
|usernameurl=https://x.com/EricRWeinstein | |||
|username=EricRWeinstein | |||
|content=The move to look out for is 'Superlative price index numbers give an excellent approximation to the true 'Cost-Of-Living'!" which totally sidesteps the field issue you bring up, the dynamic taste issue (replaced by 'Stable preferences'), & inequality (replaced by homotheticity). | |||
|timestamp=4:56 AM · Nov 8, 2021 | |||
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|image=Eric profile picture.jpg | |||
|nameurl=https://x.com/EricRWeinstein/status/1457572726558834690 | |||
|name=Eric Weinstein | |||
|usernameurl=https://x.com/EricRWeinstein | |||
|username=EricRWeinstein | |||
|content=All of these simplifications are made better in a fully path dependent field theory framework with endogenously determined differential operators. | |||
Claiming we all have the same unchanging tastes (e.g. Becker-Stigler) and working in simplified regimes isn't at all understandable. | |||
|timestamp=4:56 AM · Nov 8, 2021 | |||
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|image=Eric profile picture.jpg | |||
|nameurl=https://x.com/EricRWeinstein/status/1457572728098152452 | |||
|name=Eric Weinstein | |||
|usernameurl=https://x.com/EricRWeinstein | |||
|username=EricRWeinstein | |||
|content=It's like publishing a number for the temperature in the US in 2020. Your path dependent price index measure of inflation is as individual as your commute. It's *mildly* meaningul to posit a 'representative commute to work' that doesn't depend on our various routes. But not very. | |||
|timestamp=4:56 AM · Nov 8, 2021 | |||
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|timestamp=4:56 AM · Nov 8, 2021 | |||
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