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Nobel Prize in Economics Awarded to Ben Bernanke, Douglas Diamond, Philip Dybvig

nobelprize.org

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Re: Nobel Prize in Economics Awarded to Ben Bernanke, Douglas Diamond, Philip Dybvig

#61

Post by snake_doc »

rurban wrote: post #44
snake_doc wrote: post #14

> Their discoveries improved how society deals with financial crises > This year’s laureates in the Economic Sciences, Ben Bernanke, Douglas Diamond and Philip Dybvig, have significantly improved our understanding of the role of banks in the economy, particularly during financial crises. An important finding in their research is why avoiding bank collapses is vital. > Modern banking research clarifies why we have ban…

> These dangerous dynamics can be prevented through the government providing deposit insurance and acting as a lender of last resort to banks. Not really. The https://en.wikipedia.org/wiki/Diamond%E2%80%93Dybvig_model argues that a better way of preventing bank runs is *deposit insurance* backed by the government or central bank. Such insurance pays depositors all or part of their losses in the case of a bank run. If…

The Federal Reserve and FDIC are both authorized by US government statutes. So it would be accurate to characterize them as government institutions.

The FDIC is backed by the full faith and credit of the United States government.

The Board of Governors of the Federal Reserve is an agency of the federal government and accountable to Congress.

Re: Nobel Prize in Economics Awarded to Ben Bernanke, Douglas Diamond, Philip Dybvig

#62

Post by belter »

pas wrote: post #28
raspberry1337 wrote: post #27

Economics is not a science. Most papers in finance/economics are not repeatable or even applicable in real life - as was displayed when the worlds number one hedgefund started the process of reading published financial papers and trying to apply them [1] [1] https://www.goodreads.com/book/show/43889703-the-man-who-sol...

do they use the scientific method? yes. it's science. is it good science? that's of course a bit subjective, but the trend in looking for clever natural experiments is, IHMO, a good direction. of course there is a long way to get there as you point out, replication, due to confounders and whatnot is still a big issue.

Is Economics a Science? - https://www.investopedia.com/ask/answers/030315/economics-sc....

"Economics is generally regarded as a social science, although some critics of the field argue that economics falls short of the definition of a science for a number of reasons, including a lack of testable hypotheses, lack of consensus, and inherent political overtones. Despite these arguments, economics shares the combination of qualitative and quantitative elements common to all social sciences..."

Re: Nobel Prize in Economics Awarded to Ben Bernanke, Douglas Diamond, Philip Dybvig

#63

Post by ySocMedia »

pas wrote: post #28
raspberry1337 wrote: post #27

Economics is not a science. Most papers in finance/economics are not repeatable or even applicable in real life - as was displayed when the worlds number one hedgefund started the process of reading published financial papers and trying to apply them [1] [1] https://www.goodreads.com/book/show/43889703-the-man-who-sol...

do they use the scientific method? yes. it's science. is it good science? that's of course a bit subjective, but the trend in looking for clever natural experiments is, IHMO, a good direction. of course there is a long way to get there as you point out, replication, due to confounders and whatnot is still a big issue.

No post body was provided.

Re: Nobel Prize in Economics Awarded to Ben Bernanke, Douglas Diamond, Philip Dybvig

#64

Post by polymathemagics »

Reading these comments make me feel sad about the state of Hacker News. As with any large public forum, it's turning into an anti intellectual space where takes like "economics is not a science, it's a social science!" are the best we have to offer. It's either engineer syndrome, or it's brigading from other niche political forums. I'm tired of reading knee jerk reactions to fields from commenters that have zero experience in but have all the conviction in the world.

Re: Nobel Prize in Economics Awarded to Ben Bernanke, Douglas Diamond, Philip Dybvig

#65

Post by bitxbitxbitcoin »

belter wrote: post #62
pas wrote: post #28

Earlier quoted context omitted.

do they use the scientific method? yes. it's science. is it good science? that's of course a bit subjective, but the trend in looking for clever natural experiments is, IHMO, a good direction. of course there is a long way to get there as you point out, replication, due to confounders and whatnot is still a big issue.

Is Economics a Science? - https://www.investopedia.com/ask/answers/030315/economics-sc... . "Economics is generally regarded as a social science, although some critics of the field argue that economics falls short of the definition of a science for a number of reasons, including a lack of testable hypotheses, lack of consensus, and inherent political overtones. Despite these arguments, economics shares the combinatio…

I remember participating in many experimental economics experiments (think behavioral psychology experiments and other such ways to test micro economic theory) that were very reproducible while in College.

Re: Nobel Prize in Economics Awarded to Ben Bernanke, Douglas Diamond, Philip Dybvig

#66

Post by bitxbitxbitcoin »

polymathemagics wrote: post #64

Reading these comments make me feel sad about the state of Hacker News. As with any large public forum, it's turning into an anti intellectual space where takes like "economics is not a science, it's a social science!" are the best we have to offer. It's either engineer syndrome, or it's brigading from other niche political forums. I'm tired of reading knee jerk reactions to fields from commenters that have zero expe…

It’s the same vein as the comments in cryptocurrency/blockchain tech threads.

Re: Nobel Prize in Economics Awarded to Ben Bernanke, Douglas Diamond, Philip Dybvig

#67

Post by jeffreyrogers »

Bernanke's memoir is good. Easy to take shots at someone like him, but he was one of the most important decision makers in the world post-financial crisis and the world would likely be worse off today if someone else were in his spot. The memoir explains his decision making process and also some of his past research which was relevant to the GFC (he specialized in the great depression).

Re: Nobel Prize in Economics Awarded to Ben Bernanke, Douglas Diamond, Philip Dybvig

#68

Post by VictorPath »

polymathemagics wrote: post #64

Reading these comments make me feel sad about the state of Hacker News. As with any large public forum, it's turning into an anti intellectual space where takes like "economics is not a science, it's a social science!" are the best we have to offer. It's either engineer syndrome, or it's brigading from other niche political forums. I'm tired of reading knee jerk reactions to fields from commenters that have zero expe…

> turning into an anti intellectual space where takes like "economics is not a science, it's a social science!" are the best we have to offer

A bank taking an endowment awarding a prize and money to physicists, chemists and biologists, and ramming in to it a prize for economists saying nonsense the bankers like to hear, is the definition of anti-intellectual.

The physicists, chemists and biologists are the intellectuals and scientists, the economists are frauds telling the bankers what they want to hear.

Re: Nobel Prize in Economics Awarded to Ben Bernanke, Douglas Diamond, Philip Dybvig

#69

Post by snake_doc »

VictorPath wrote: post #68
polymathemagics wrote: post #64

Reading these comments make me feel sad about the state of Hacker News. As with any large public forum, it's turning into an anti intellectual space where takes like "economics is not a science, it's a social science!" are the best we have to offer. It's either engineer syndrome, or it's brigading from other niche political forums. I'm tired of reading knee jerk reactions to fields from commenters that have zero expe…

> turning into an anti intellectual space where takes like "economics is not a science, it's a social science!" are the best we have to offer A bank taking an endowment awarding a prize and money to physicists, chemists and biologists, and ramming in to it a prize for economists saying nonsense the bankers like to hear, is the definition of anti-intellectual. The physicists, chemists and biologists are the intellectu…

Argument:

> turning into an anti intellectual space where takes like "economics is not a science, it's a social science!" are the best we have to offer

Evidence: VictorPath's reply

> A bank taking an endowment awarding a prize and money to physicists, chemists and biologists, and ramming in to it a prize for economists saying nonsense the bankers like to hear, is the definition of anti-intellectual. The physicists, chemists and biologists are the intellectuals and scientists, the economists are frauds telling the bankers what they want to hear.

Q.E.D.

Re: Nobel Prize in Economics Awarded to Ben Bernanke, Douglas Diamond, Philip Dybvig

#70

Post by malshe »

raspberry1337 wrote: post #27

Economics is not a science. Most papers in finance/economics are not repeatable or even applicable in real life - as was displayed when the worlds number one hedgefund started the process of reading published financial papers and trying to apply them [1] [1] https://www.goodreads.com/book/show/43889703-the-man-who-sol...

It’s super difficult, if not impossible, to make money from a published trading strategy!
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