Tony Lawson - Really Reorienting Modern Economics

The speaker critiques the reliance on mathematical modeling in economics, arguing for a more philosophical approach that considers ontology and social reality. They suggest that economics should not solely depend on mathematical methods, as social phenomena are complex and dynamic. The speaker emphasizes the importance of understanding the underlying causes of economic issues and suggests that policy should focus on measures rather than predictions.

What is the speaker's main argument regarding mathematical modeling in economics?

• It is essential for all economic analysis.

• It should be completely abandoned.

• It is the only way to achieve scientific rigor.

• It can be avoided for pro-mathematics reasons.

According to the speaker, what is often misunderstood about people who avoid mathematical modeling?

• They may have pro-mathematics reasons for avoiding it.

• They have a distaste for mathematics.

• They are against mathematics.

• They lack the capacity to understand mathematics.

What philosophical concept does the speaker emphasize as important in economics?

• Epistemology

• Ontology

• Aesthetics

• Metaphysics

How does the speaker describe social reality?

• As a simple and predictable structure

• As a closed and atomistic model

• As a dynamic and internally related totality

• As a static and isolated system

What is a key feature of social reality that challenges mathematical modeling?

• Its static nature

• Its simplicity

• Its emergent phenomena

• Its predictability

What does the speaker suggest about the use of mathematical models in economics?

• They should be the only method used.

• They are always accurate.

• They have limitations and should be complemented by other methods.

• They are unnecessary in all contexts.

Why does the speaker believe that mathematical models have not been successful in economics?

• They are too simple.

• They are not widely used.

• They do not account for the structured and dynamic nature of social reality.

• They are too complex.

What does the speaker suggest about the assumptions used in economic modeling?

• They are irrelevant to the outcomes.

• They are always based on empirical data.

• They are often unrealistic but necessary for modeling.

• They are always realistic.

What does the speaker propose as an alternative focus to prediction in policy-making?

• Increasing mathematical complexity

• Understanding conditions and taking measures

• Relying on historical data

• Ignoring emergent phenomena

What is the speaker's view on the role of prediction in economics?

• It is irrelevant.

• It is the most important aspect.

• It should be the primary focus.

• It is not the main point and can be misleading.