A Rant On "Economathematicians"
Here’s an interesting dispute between a CPA and an “economathematician”
Introduction (Via Skeptical CPA)
“Most US economists believe globalization is good. The unfettered flow of goods, labor, and intellectual capital across our international borders reduces costs and improves competitiveness of most sectors of the economy. … Foreign students increasingly dominate US doctoral programs in economics. Although the number of doctorates has remained relatively stable ove the past 35 years, the fraction of these degrees conferred on foreign students has increased dramatically–from 20.5 percent in 1972 to 72 percent in 2005. … The best and the brightest? Perhaps. Most PhD candidates in economics are Asians–from Japan, Korea, India, and China, and Taiwan. … But there is one problem: while the Asians are whizzes at math, they generally do not speak English well. Had they been high-schoolers, remedial English classes would have been mandatory for most of them. … Gone was the history of economic thought. Gone was the economic history course that exposed students to market failures and the importance of psychological factors–what Keynes dubbed ‘animal spirits’– to a prosperous economy. In their place: mathematically-oriented courses devoid of any historical content or context. … In the mid 1980s the financial community discovered it could use mathematics to make money.