Re: addendum: Income = Output?

[Gunnar Tómasson <gunnar.tomasson@xxxxxxxxxxx>]

Bill:

According to Keynes, the "utility" of analytical economics consists in this:

It "HELPS [us] arrive at correct conclusions" about real-world issues.

Gunnar


----- Original Message -----
From: "William B. Ryan" <william_b_ryan@xxxxxxxxx>
To: <pkt@xxxxxxxxxxxxxxxx>
Cc: <gunnar.tomasson@xxxxxxxxxxx>
Sent: Thursday, October 02, 2003 2:47 PM
Subject: Re: addendum: Income = Output?


> The operative word here, Gunnar, is "utility."  If it
> has no utility to us in the world in which we live it
> is worthless except recreationally, as in a game.
>
>
> --
>
> --------- Original Message ---------
>
> DATE: Thu, 2 Oct 2003 14:28:43
> From: Gunnar Tómasson <gunnar.tomasson@xxxxxxxxxxx>
> To: <william_b_ryan@xxxxxxxxx>
> Cc:
>
> >Bill:
> >
> >> The model's actual utility can only be
> >> determined by testing it against facts in the real
> >> world, for it might be that we will find that its
> >> applicability is limited to some universe parallel to
> >> our own.
> >
> >Wrong.
> >
> >In principle, one "tests" analytical "models" for consistency with their
> >axiomatic premises - NOT with "the real world".
> >
> >Gunnar
> >
> >
> >----- Original Message -----
> >From: "William B. Ryan" <william_b_ryan@xxxxxxxxx>
> [snipped]
>
>
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