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I open Smolin book to passage on neo-classical economics?!

May 1st, 2015 · No Comments

Time Reborn: From the Crisis in Physics to the Future of the Universe

After reading “Bankrupting Physics’ I wanted to get Smolin’s book Time Reborn and….more credit card debt: got it.

I had a funny experience with the book: I opened the book for the first time to a discussion of modern economic theory, on the discoverd question of more than one equilibrium point and the attempt to repair neo-classical theory! Page 258 (Smolin is critical here and has a new critique)
I was stopped in my tracks (I am almost too pressed with ten/fifteen projects to do the book justice) because this was another case of supersmart physicists proceeding with queer assumptions about subject outside of physics.
I don’t think neo-classical economics is a rational subject, let alone one open to mathematical upgrades to make it work. But the prestige of physicists will end up carrying the day. I think (nothing personal to Smolin) that training in physics makes people think physicists have a fundamental grasp of reality. I doubt it. People who zip through the math are not necessarily producing understanding for all that effort.

We need people who can both learn and debrief mathamatical sophistries…
We need to stand up to the theories of economics imposed on us by experts. It is hard to do this, but with neo-classical economics the tactic is necessary and can succeed.

I will get to the book soon…

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