Re: [Pen-l] Benoit Mandelbrot and the wildness of financial markets: SciAm

To: Progressive Economics <pen-l@xxxxxxxxxxxxxxxxxx>
Subject: Re: [Pen-l] Benoit Mandelbrot and the wildness of financial markets: SciAm
From: Bill Lear <rael@xxxxxxxxxx>
Date: Mon, 16 Mar 2009 15:58:13 -0600

On Monday, March 16, 2009 at 12:45:22 (-0700) Jim Devine writes:
>ravi wrote:
>> http://www.sciam.com/blog/60-second-science/post.cfm?id=benoit-mandelbrot-and-the-wildness-2009-03-13<
>
>Mandelbrot says that "A very large part of economic theory is just
>physical theory with the words changed."

Philip Mirowski made this point in his *More Heat Than Light:
Economics as Social Physics, Physics as Nature's Economics*.

>But standard economic theory is not like quantum mechanics at all even
>though both give an important role to randomness. ...

If I recall, Mirowski draws comparison to classical, not quantum
physics.


Bill
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References:
- [Pen-l] Benoit Mandelbrot and the wildness of financial markets: SciAm
  - From: ravi
- Re: [Pen-l] Benoit Mandelbrot and the wildness of financial markets: SciAm
  - From: Jim Devine

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Thread context:
- [Pen-l] from the Socialist horse's mouth..., Jim Devine Mon 16 Mar 2009, 19:05 GMT
  - Re: [Pen-l] from the Socialist horse's mouth..., Jeffrey Fisher Mon 16 Mar 2009, 20:54 GMT
- [Pen-l] Benoit Mandelbrot and the wildness of financial markets: SciAm, ravi Mon 16 Mar 2009, 19:03 GMT
  - Re: [Pen-l] Benoit Mandelbrot and the wildness of financial markets: SciAm, Jim Devine Mon 16 Mar 2009, 19:16 GMT
    - Re: [Pen-l] Benoit Mandelbrot and the wildness of financial markets: SciAm, Bill Lear Mon 16 Mar 2009, 21:30 GMT
      
      Re: [Pen-l] Benoit Mandelbrot and the wildness of financial markets: SciAm, Jim Devine Mon 16 Mar 2009, 21:36 GMT
    - Re: [Pen-l] Benoit Mandelbrot and the wildness of financial markets: SciAm, michael perelman Mon 16 Mar 2009, 22:01 GMT
    - Re: [Pen-l] Benoit Mandelbrot and the wildness of financial markets: SciAm, Les Schaffer Tue 17 Mar 2009, 15:09 GMT
      
      Re: [Pen-l] Benoit Mandelbrot and the wildness of financial markets: SciAm, Doug Henwood Tue 17 Mar 2009, 15:26 GMT

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