Economic Philosophy--Not Economics

Modern Economics isn't much of a science. Instead, it looks a lot like:

• political dogma
• "simplifying assumptions" that seem to rely on humans being anything-but-human
• mathematical models that seek to "discover" the organizing principles of economic data
• computer models that try to replicate real-world observations with simple decision rules

Of course, the problems being studied are hard. The "economy" is incredibly large, complex, and varied--so it can be hard to generate anything meaningful if you're trying to describe all of it. There are also some awful forces at work in stunting the progress of economics as an academic profession (the entire field of academics now seems to be enslaved to the grant-seeking process).

But there's a more useful vantage point that will take us much further: a simple approach that tries to infer the "general rules" by deeply understanding the experiences of individuals. An approach much more akin to philosophy as opposed to the social "science" that economics has become.

Instead of econometrics, impossibly artificial A/B tests, and incomprehensible higher-level math. Let's explore the workings of a modern economy from the experiences we all have--which feel so unique to us but are just instances of universal patterns we're all swimming in.

This approach is going to seem very informal and story-driven vs the standard economic practice. What it lacks in quantitative rigor, I hope is made up by a natural resonance with your own experiences. At the very least, it won't bury you in wonkery.

Next in Economic Philosophy: Humans are Social Animals